Solana Price News Today – Elliott Wave Price Prediction & Technical Analysis, Price Update!

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Solana Price News Today – Elliott Wave Price Prediction & Technical Analysis! In this video I talk about a technical analysis of the Solana SOL price and I talk about some important price moves that are happening right now!

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Hello and welcome to another update video about Solana just a quick update um as we’re starting a new week obviously I should say it should be a quiet week you know with the uh you know New Year coming and everything and people are not really interested in

Trading but guess what the market is more exciting than uh you know throughout the first um let’s say three quarters of 2023 I mean the last quarter here has been extremely exciting and also uh here just the days around you know at the end of the year extremely

Exciting I mean today we had a few more runs across the market so Lana really performed well yesterday and I mean for the last few weeks really a couple of months um so the structure hasn’t changed the wave count hasn’t changed and the scenario here on the Solana

Chart hasn’t changed as well um but it is possible that the price is now moving in this suggested fourth wave um it is entirely possible that we are now dealing with a complete structure to the upside but I will not confirm a top in place until the price has at least given

Us any kind of you know signal for that and uh remember that Elliot wave theory states that in third waves extensions typically happen and especially in crypto those extensions are mad completely mad and Trends can extend longer then you think it is reasonable especially in crypto and therefore I

Have learned over the years um that it is best in third waves once the ideal targets are reached we’re just simply tracking the the relevant support levels and we adding the relevant next extensions to the Chart we have to then take it level by level and we simply

Waiting for this third wave to finish but it’s not going to finish until we break at least the first micro support level and I give you these support levels and I have given you these support levels over recent weeks um especially people who are not so familiar with Elliot wave or who have

Who are still inexperienced generally with that method and they try to predict that a rally is over at a certain extension level not going to work typically in crypto okay um especially if you consider that we are in a bullish in in a bullish market so the best

Approach is to take it level by level add support levels allow the price to go further against support so we expect the price to go higher uh very clear statement you know I’ve been quite clear on that in the last few weeks already that unless we see a Break um or until

We see see a break below support and I give you these support areas in every video they are very objective they are clear clearly defined the boxes are nice and big and and colorful um as long as these are holding we expect further extensions higher we just have to okay

At some point we want this support level to break yeah so very important to understand that at this stage we’re not like okay the support levels you know they they have a you know they need to hold and everything and it’s not that we predict will hold well it’s more like as

Long as they hold we expect further extensions and these levels give you very clear reward and risk parameters or at least they tell you where the risk is sitting because it takes now a break below 8684 to suggest that the top has formed in a third wave that will not be full

Confirmation that the top has been made absolutely not why is that I can very easily explain that to you for example what could happen this is obviously for the fourth wave but you know obviously this here could be some kind of wave one it’s possible okay so I don’t want to

Confirm a top either when we break below that but it will certainly add to the probabilties I’ll probably start to lean towards the top being in and that this larger degree fourth wave is finally unfolding so it will take more it will take the right structure and I’m here to

You know to guide you along the way um the overall structure of the chart hasn’t changed and if we zoom in a little bit go to the 1 hour chart you can see here that this again looks very corrective it might be building something like a bull flag we had down

Here a bullish pennant that I made you aware about was a nice breakout trade and we’re now dealing here with potentially it’s a bit too early obviously but what could be forming here is a bullish pennant uh not pennant uh bull flag basically yeah or maybe it’s

For forming a pendent we’ll see um so this could now be the fourth wave the main fourth wave before we go higher in wave five in the white count at the moment I am leaning towards the white count because as I said as long as I

Mean in the yellow count the top could technically be in um but it depends also on how I count this move to the upside you know if I don’t assume that this was a triangle but the way for was here I’ve got another one too and it might

Actually get another extension in yellow wave five but it doesn’t matter it doesn’t matter um I’m basically simply giving you the support level that will um tell you you know that as long as we’re holding it one more High okay that could be in this wave three still in

This yellow wave five of three depending on the depth of the pullback it might already be the White Wave four it’s not you you don’t know for sure if the wave four ended here or here that makes an important difference in terms of targets

To the upside because if I as I said if I have the smaller degree forth finished here on the Friday uh instead of the Saturday then I have another one two setup and it would allow as I said you know for one more High um I mean I can give you really

Um you could call it Nano support which is really really tiny but don’t be surprised if this one breaks I mean that’s here between $15.83 and $12.20 yeah this is literally for the scenario that the wave four actually finished here and we get one more direct

Move to the upside so but that’s not predictable but at least you know the micro or Nano support levels for that and the next targets to the upside are $19.50 $125 60 and even $134 80 so and um that’s what I’m watching so obviously we need a little bit more

Price action to determine okay is this maybe more just like a bullish flag and we don’t even see this support area down here um if we don’t even visit this support area then I think we are still in the yellow count I hope that’s clear

Only if we visit the support area for me the wave four has a size that’s substantial enough to confirm we’re in the white count doesn’t really make a difference for trading so much it’s more like an academic thing and just to track the right structures that’s my update

About Solana hope you like the update if you did please hit the like button leave a comment and subscribe and if you really like the content then please check out the channel membership also make sure that you follow us on Instagram and Twitter for additional content thanks a lot for watching bye-bye all