Solana (SOL) Price Prediction: This Key $119-$190 Range Could Determine SOL's Next Big Move – Here's Why

Solana (SOL) finds itself in a complex sideways pattern, bouncing between $119 and $190. A technical analysis video from More Crypto Online dissects this range

Solana (SOL) price has been stuck between $119 and $190 recently. A technical analysis video from the More Crypto Online channel examines this range using Elliott Wave theory. The analysis shows that SOL has formed an ABCDE retracement structure with the critical support level at $119 and the resistance level at $190.

Solana (SOL) Price Analysis

The speaker in the video determines Solana's current position in the Elliott Wave triangle. This fourth wave structure consists of five sub-waves labeled A through E. According to the analysis, waves A, B and C have been completed and the market is currently in wave D.

“As long as we stay in the $119 to $190 range, we can consider all this as noise,” the analyst says. However, this range is of great importance for investors. A break below the $119 level will invalidate the Elliott Wave triangle scenario and likely point to a different correction structure.

Furthermore, wave D is expected to form a lower top below the $190 resistance level. This wave typically shows its own corrective structure, usually an A-B-C pattern. The analyst points out critical levels to watch within this wave.

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Solana (SOL) Price Prediction

Speaker says, “This Wave B retracement The support zone for is between $128 and $139,” he explains. Following this pullback, the speaker expects a wave C rally. The target range for this move lies between $163 and $176.

On shorter time frames, analysis identifies immediate resistance at the 78.6 retracement level. Short-term support lies between $139.53 and $142.89. The analyst suggests that we look for a clear five-wave move to confirm the next pattern.

The speaker offers two possible scenarios. The “white count” indicates a direct upward continuation if a five-wave move is confirmed. On the other hand, the “yellow count” indicates further downside movement if current support levels are broken.

Correction structures in Elliott Wave theory are known for their complexity. “We must be prepared for wave counts changing and transforming in correctional structures,” the analyst warns. This flexibility is crucial for investors to navigate Solana's current market conditions.

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Adapting to Changing Tide Counts in the SOL Market

The analysis highlights the importance of critical levels. “We can allow higher prices in wave C of wave D as long as it holds $128.14,” the speaker says. However, falling below the $139.53 level indicates that the yellow count wave C downtrend will begin strongly.

While Elliott Wave analysis provides a framework for understanding Solana's price action, the speaker maintains a cautious perspective. “I expect higher prices in wave D... The only question is how deep the pullback will be,” he concludes.

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