Dear Readers, 

The most interested coin in the crypto world space, Solana, ranked at no 4 is currently trading at $184. 44.

It has surpassed the BNB and claimed to 4th position according to cryptomarket.com rankings. 

Solana has pumped 634% in the past 1 year. Various interesting project have been built in the Solana  ecosystem.

Let’s discuss with Eliott Wave Theory and analyse the price movement of Solana coin in this article but in brief.

To understand Solana's place in the market today, we must consider the wider picture. Solana entered into the Wave 4 correction in the beginning of March 2024. 

A Closer Look at the Solana Triangle Pattern

Triangle patterns are among the most likely scenarios that we monitor. Several significant waves can be distinguished in this formation of Wave A, B, C, D and E ( the current on going wave), which is much important.

The particular interest is with the E-wave. Its optimal support range is from $132.99 to $157.50. It's crucial to remember that this is a support area rather than a target. We would need to see a break below the crucial $165.70 level, which was the previous swing low, for the price to enter this zone.

If the triangle pattern unfold as anticipated, an upward breakout may occur. In this case, short-term goals could be between $215 and $229. But if the momentum continues, the price of Solana can go $400 in the long run in its upward movement.

This is where the interesting part come into play. 

Solana Technical Analysis: Key Price Levels to Watch:

• $165.70: At this price it is considered to be the essential Support Level. A break through here is the direction of movement in the upside and move toward the lower support zone if it breaks.
• $190: Point of resistance. If this resistance breaks, signals a fresh upward movement to a level of $ 215-229.
• If $ 229 level breaks, there would be a rally to $400.
• $400: This is the price point of Solana in the long term in the bullish upward movement.

The lower support zone lies from $132.99 to $157.50,  if the price breaks <$165.70.

What should your trading strategies with Solana?

Support the important price levels in chart. Don’t make huge investments at once. Make your investments in part by part. Have a constant watch with the markets, price action movements and news impacts.

Also be prepare for a deeper correction, a breakout to new highs, or the current continuation of the triangle pattern in the chart as well.

Pay attention, keep yourself informed and wishes all good luck and happy trading!

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