The Trust Layer for Market Analysts

The analysis focuses on Solana (SOL) using a 4-hour chart and technical indicators. The price has experienced a significant decline, approximately 40%, from its previous May high. The current price is observed near a crucial Fibonacci retracement level, specifically the 50% mark at $62.42. An alternative analysis suggests a potential three-wave pattern in the corrective move, indicating that the market might be forming a wave C within the larger downtrend. The key resistance level to watch for a potential bullish reversal is around $100. If the price breaks below $62.42, it would invalidate the current bullish count and suggest further downside potential. The key levels for the next potential move are identified between $31.95 and $17.49, with the immediate support identified around $48.78.