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Solana Christmas Momentum: Analyzing Wave Counts Yellow and White

SOL Wave Counts

Solana Potential: Wave Counts and Christmas Gains

Christmas Profits

The Solana situation has recently experienced some calming, with price consolidation in the low $40 range. In this analysis, we’ll explore two bullish wave counts while keeping an eye on key support levels that will signal potential trend changes.

Wave Count 1 (Yellow)

In this scenario, we consider a B-wave in control. While it’s currently a more bullish count, there’s a caveat that if things take a downturn, it could lead to new lows. However, the immediate expectation is for the price to rise to the ideal Fibonacci targets.

The current structure consists of an A-wave, a B-wave, and an unfolding C-wave. This three-wave move remains in progress. The C-wave, which is the focus now, is expected to unfold as a five-wave move: Wave 1, Wave 2, Wave 3, Wave 4, and Wave 5. Notably, Wave 4 has not initiated, and Wave 5 is yet to unfold completely. The fulfillment of this pattern relies on several parameters, including support and resistance levels.

Wave Count 2 (White)

The second wave count is more bullish but has not shown the expected pullbacks so far. In this scenario, we anticipate a C-wave to the upside. While we don’t have a clear sub-wave structure, it is expected to be a five-wave move (similar to Wave 1, Wave 2, etc.). However, the lack of well-defined sub-wave structures complicates the analysis.

This white wave count includes an A-wave, a B-wave, and an unfolding C-wave. To maintain a bullish outlook, we need to see Wave 4 and Wave 5 play out as well. Cryptocurrencies often exhibit less-defined sub-wave structures, making clean analysis challenging.

SOL Wave Counts: Charting a Course for a Jolly Christmas

Counting Waves

Support and Targets

To identify support levels for trend continuation, we need to consider potential pullbacks. For the yellow wave count, the main support for trend continuation is in the range of $28 to $37. This level is calculated based on the pullback expected in a typical Wave 4, which ideally should not break below the 50% retracement level.

Furthermore, there’s structural support at $31.40, which may exert downward pressure if breached. In this wave count, support is currently at $28.40 but is subject to adjustment as the price moves.

Price Targets

In terms of price targets, for Wave 3, we calculate them by taking the length of Wave 1 and applying it from the low of Wave 2. The ideal target range for Wave 3 starts at the 1.236 extension of Wave 1, which is at $54. The next significant level is at $62, and a further target is at $77. These levels could be achieved in the context of the third wave.

For Wave 5, the potential price targets include $77 and $90, but they depend on how high the third wave extends. These levels are part of the target range between $50 and $70.

SOL Price Analysis: Riding the Waves to Holiday GAINS

Charting a Course

Micro Support for Direct Continuation

For direct continuation within Wave C, we need to consider short-term support. This would be even more short-term than the support discussed above for potential pullbacks in Wave 4. To identify the immediate support, we examine Wave C and aim to ensure it does not break below the 50% Fibonacci retracement level, which is at $38.30.

Solana is approaching target levels outlined in previous analyses. The current price movement supports a bullish outlook, but we need to monitor support levels for potential pullbacks or trend continuation. As the crypto market often exhibits unpredictability, maintaining a flexible and adaptive strategy is crucial.

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