Solana Price News Today - SOL Elliott Wave Price Technical Analysis, Price Update! - video Dailymotion

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Transcript

00:00Hello and welcome to another update video on Solana.

00:04I want to take a look here at the one hour time frame on the Solana chart.

00:10And we can see that the price remains caught in a correction.

00:14It looks like we're still caught in a corrective pattern.

00:17It is a three wave move down, which unfolds as an ABC structure.

00:22And the C wave might complete in this region.

00:25I mean, it doesn't really have much more room.

00:28So ideally, wave C would complete somewhere in this region.

00:34What we are tracking here on this chart is a so-called,

00:40you could even call it a zigzag pattern, to be honest.

00:43Quite a sharp correction in a wave 4, where we had a 5 wave move down in wave A.

00:49The B wave itself was a flat correction.

00:52And the C wave down seems to be a 5 wave move, potentially even an impulsive move.

00:58But overall, this still makes it a 3 wave move, which is a counter trend pattern,

01:05which means it's not in line with the main trend, which still appears to be up.

01:10Now, as it often happens in crypto, right, the wave 4 is quite substantial.

01:18And the support isn't changed.

01:21So if you watch the previous updates, then you know that the support levels between $160 and $167.90,

01:29they remain unchanged.

01:32They remain unchanged.

01:33And the next swing high, which is located here at $183, is the level a little bit lower, actually.

01:42It's more like $182.80.

01:44That swing high needs to be broken to give us a first indication that a low has formed.

01:49It is a pullback that's quite deep.

01:53I mean, if we look at the 4-hour chart, you can see that the relative strength index is oversold.

02:00Now, the last time the RSI was oversold like that was in June.

02:04At the time, it was even a little more oversold.

02:07And then we had a nice reaction from there.

02:10I mean, an oversold RSI on the 4-hour doesn't guarantee you a full upside reverser.

02:15But typically, it's still followed by some kind of a bounce, okay?

02:19So especially the last few times where we had a bounce from the June low.

02:24We had a bounce here on the 13th of June.

02:28Yeah, it was not a full-scale reversal, but still a meaningful bounce from around about $140 to $160.

02:34We had a bounce before that as well, 5th of June, right?

02:37From around $140 to $170.

02:39So, you know, these, again, I don't normally focus on the 4-hour time frame RSI much.

02:46But we've reached critical support levels and we have seen an oversold RSI.

02:53And we have a 3-wave move down that looks technically complete.

02:56Could have completed already on Wednesday, but the rally afterwards was only, if you want to call it a rally,

03:01let's rather call it the upside reaction, was only a 3-wave move.

03:04So it wasn't really exactly meaningful, that bounce.

03:07So normally I focus more on the daily chart, the daily RSI.

03:13We're not there yet, right?

03:14But you should be clear about the support level.

03:16So this is what we are watching for here.

03:19This is the support zone.

03:21Any break below $160, it will increase the probabilities for a deeper pullback in wave 2 or wave B.

03:28It is what it is.

03:29But the pivot for that is and has been, and that's not changed, the $160 level.

03:34Now what I need to say is, technically speaking, this wave 4 can go down lower.

03:41Because in a diagonal structure, wave 4s can be extremely deep sometimes, yeah?

03:47It's just that probabilities start to shift.

03:51And then it means the probabilities will increase for a test of the June lows,

03:55which is very much in line also with that orange scenario that I show you also on the larger time frame.

04:03Here you can see it, actually.

04:04You can see the larger time frame potential for a deeper pullback.

04:11But that is just something that becomes more probable with a break below $160.

04:16It's nothing new.

04:16The support area has been on the chart for quite some time.

04:19Yeah, and it remains relevant, you know, that's why I haven't removed it from the chart.

04:25So it really depends on that $160 level.

04:27But until $160 breaks, further direct upside remains possible.

04:32And I'm just watching for a first signal that it lowers in.

04:35Maybe it shows today, maybe after the weekend.

04:38Once I see that, which would be a first micro 5 wave move up above that level I highlighted,

04:43then I will, of course, let you know.

04:45That's the update on Solana.

04:47Hope you liked the update.

04:48If you did, please hit the like button, leave a comment, and subscribe.

04:52And if you really like the content, then please check out the channel membership.

04:56I also invite you to check out our X channel, X profile.

05:00Feel free to join us here for additional updates, discussions.

05:05You can ask questions.

05:07Check it out.

05:07It's just much more interactive than YouTube's comment section.

05:11So feel free to check it out.

05:13I'll put the link in the comment section and the description.

05:16Thanks so much.

05:17Bye-bye.

Solana Price News Today - SOL Elliott Wave Price Technical Analysis, Price Update!

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