Solana & the relief rally: $138 & $182; New low vs higher low

What's your take on Solana's current chart setup, did anything change?

Good afternoon my fellow Cryptocurrency traders; readers, followers and supporters, I hope you are all having a wonderful day.

With each passing day where the chart structure stays the same, Solana becomes stronger. Market dynamics reveal a healthy trading range. Support is relatively far away, ~17%. Resistance is also close, similar, 13%. Yet, the bulls are favored because a major down-move just ended. We are anticipating a bullish wave, say a #3 following the sequence shown on the chart.

Two targets we have mainly and these can be hit easily if the market manages to produce a bullish move.

The first one is $138, a lower high vs mid-January, last month.
The second one is $182, a lower high vs mid-September 2025, last year.

Let's go a bit deeper on these targets.

Most of the market participants expect additional bearish action in Q2-Q3 2026, I agree. But the next two months can produce a relief rally. This is needed to support additional bearish action in the latter part of this year.

›› If SOLUSDT moves forward and stops at the first target, $138; the ensuing move is much likely to break the last low ($67.5) then reaching much lower. A major crash scenario.

›› If SOLUSDT moves forward and reaches the second target, $182; the ensuing move can easily produce substantial bearish momentum but the action can end above the last low ($67.5), thus confirming 6-February as the market bottom.

This is based on classic price dynamics.

The first target means a lower high, thus a potential lower low.
The second target means a local higher high, thus a potential higher low.

This the current market situation and it is only questionable because we are not yet in the next market phase. As soon as the market turns bullish, all doubt will vanish. Specially if we get 1-2 months, March and April, green. This would be enough for a strong recovery.

It is a complex situation, but no doubt we are going up.

One day green and the market turns euphoric. Three days red and buyers take advantage of the retrace to accumulate.

Nothing changes after three days. The chart continues to favor the bulls. And we are bullish now.

Namaste.