SOL - 1D Elliott Wave Analysis

We assume that the blue Wave 4 has bottomed at the 20th December and we might have started blue Wave 5 which could form the bull market top. We did add an alternative count due to the strong selling pressure in recent days. Additionally the blue Wave 4 touched the 0.5 FIB at 178.12 USD which is a deep but valid retracement for a Wave 4.

In the alternative case we'd assumes the move up from the low of green Wave 4 was only a pink Wave 1 and we are currently working on pink Wave 2 or have finished it. The support for this pink Wave 2 is between the 0.5 FIB at 170.54 USD and the 0.886 FIB at 121.57 USD.
Noteworthy is that the low at 178.12 USD of the 20th December could also be the pink Wave 2.
Next target is the 1.618 FIB at 313.60 USD and after more clarity we can add further targets.

We did add some bull market top targets which start at the 1 to 1 FIB at 372.90 USD.
The 1 to 1 FIB is considered the minimum target the blue & green Wave 5 should hit.

We do consider further extensions as likely because there is a bullish sentiment around Solana. Additionally memecoins are quiet hyped and plenty of them run on the Solana network which can add fuel to a price surge of Solana. Additionally the 5th Wave of a bull markets tend to be euphoric and driven by hype and FOMO which increase the probabilities for an extensions.
Be aware that it is not a given.

Further targets are the 1.236 FIB at 497.41 USD, the 1.382 FIB at 594.46 USD and the 1.618 FIB at 792.96 USD. The 1.236 FIB at 497.41 USD does overlap with the 2.382 FIB at 518.29 USD, the 1.382 FIB at 594.46 USD does overlap with the 2.618 FIB at 599.20 USD and the 1.618 FIB at 792.96 USD does with the 0.618 FIB at 833.60 USD.

After the short term price actions get more clear we can look at the smaller timeframe targets and see if they do overlap with any of the bigger timeframe targets.

Thanks for reading.

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