SOL - 1H Elliott Wave Analysis
2025-01-16
Category: None

Greetings, this is our current Elliott Wave Count for Solana.

Solana could have potentially bottomed on the 13th January at 168.88 USD in the blue Wave 4 or blue Wave 2. We do prefer to label it as blue Wave 2 as the retracement is deep for a Wave 4 but technically not invalidated. For the short term count that does not matter. 

If Solana did bottom we would want to see a rally in blue Wave 3 or blue Wave 5 to start now.
The recent rally could've been the first Wave of this move to the upside. We do count that as white Wave 1 and are looking for a corrective retracement as red Wave ABC which would bring price into the white Wave 2 support area.

White Wave 2 support sits between the 0.5 FIB at 185.52 USD and the 0.786 FIB at 176.00 USD.
If white Wave 1 extends to the upside the white Wave 2 support will move up too.

Be aware if we break this support area we assume the we are resetting blue Wave 2 just a bit lower. If you are interested in the higher timeframe support area and the bull market targets I recommend you reading the 1D Elliott Wave Analysis for Solana which will be linked below in the notes.

Thanks for reading.

NO FINANCIAL ADVICE.


