Alikze »» SOL |Continuation of scenario 5 bullish

According to the previous analysis, now with more than 110% growth since the time of the analysis, which is in the ascending wave 5, it can continue until the area of 2.618 or the next supply area of this extension of the wave, which will reach the major ceiling area, which is an important supply area. It will be and after that I expect a correction wave after which we have to do the update. But for now, a short-term trend can be imagined for it.
If the behavior and structure of the post changes, it will be updated.
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Comment:

A short correction and according to the path and the continuation of the wave movement up to the Fibo area of 2.618 and the touch target, and currently it has continued to grow up to $205, which is still a suitable momentum for the final target and the supply area and the previous major ceiling.

Comment:

Zigzag is correcting in 4H and 8H time. If he can't break the red box, he can continue to the previous liquidity area, and then by breaking it, he can continue the correction up to 150 dollars. If the red box breaks the first target of Fibo is 1.618, and if it breaks, you can retest the previous supply area.

Comment:

According to the movement path, after hitting the resistance zone, did not react negatively and corrected to the first zone.

Comment:

According to the trajectory of more than 23% correction from the red box, after it was not able to break the range.

Comment:

According to the current wave structure, this correction can be completed in the S4 support area. If this wave does not overlap with the previous wave (Invalidation LVL), we should wait for the return of this wave. Now you have to wait for its reaction and behavior. I will update the post if the process is approved.

Comment:

The rising wave 5 has formed a diagonal ending pattern and a three-wave correction is currently being completed. Therefore, the likely scenario after the break of the $125 area will be the target of 100 and then the green box of the 0.618 Fibo range of the entire move. This modification can appear as multiple zigzags.
If the behavior and structure of the post changes, it will be updated.

Comment:

After reaching the supply range, it faced selling pressure.

Comment:

Solana in the 4th wave is a correction of a complete cycle. Wave 2 was a simple zigzag correction, but its format was temporary. This wave can cover most of the price of correction. The weekly time has a reversal candle, but we must have above 150 confirmation candles to reverse the trend. So for now, until we have a candle above the 150 range, this correction can continue. The daily time has no reversal confirmation, it is in a contraction triangle that can escape from the bottom for the target. It means that he can hit 100 dollars and return.

Comment:

In the 4H, 8H times, after a corrective movement in a downward channel up to the previous major ceiling, now after the downward trend is broken and pullback to the green box structure and area, it can move towards the source of movement with a return and collection of liquidity in OB. The supply zone moves and the wave can extend to the specified fibos. Alternative scenario: Currently, the important area to continue is the range of $137 to $138, if it penetrates this area, the correction can continue up to 125 and then the green box of the previous liquidity area.

Comment:

According to the presented analysis, after a correction up to the range of the green box, the demand has been met, which is currently seen in the low times of confirmation of the return, which can touch the supply area in the first step. In case of negative market reaction and change of behavior and post structure, it will be updated.