SOLANA: $360–$400 Is the First Major Target Zone

AI-generated source summary

The analysis focuses on Solana (SOL) against the US Dollar, with the primary timeframe being daily. The speaker identifies an initial five-wave move up from the 2022 low, followed by a correction. The current price is around $99.39, and the speaker anticipates a potential bull market rally targeting $364.68, specifically referencing the 50% Fibonacci extension level. The failure bound for this bullish outlook is set below the previous significant low, around $90.458, which corresponds to the 50% Fibonacci retracement level from a prior move. This price level serves as a critical support zone. The analysis also notes that Solana's price action is highly correlated with Bitcoin, suggesting that Bitcoin's movements will influence Solana's trajectory. The speaker believes that a breakthrough above the $110-$120 resistance zone could trigger further upside momentum, potentially leading to a more extended bullish wave (wave 1 of 5). The shorter timeframe analysis on the hourly chart indicates that Solana has lost its micro-support, pointing towards a potential short-term bearish correction towards the $98-$94 range, which aligns with the identified Fibonacci support levels. However, the overall longer-term outlook remains bullish as long as the price respects the broader support structure.

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