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Primary Trend Structure: The chart shows a classic Elliott Wave formation with an initial five-wave impulsive move (1-5) followed by a three-wave corrective pattern (A-B-C), suggesting the start of a new bullish cycle.
Current Cycle: The recent price action is part of a new five-wave cycle with waves 1, 2, and 3 already formed. Wave 4 appears to be forming, preparing for a final upward movement in wave 5.
Wave 4 Support Zone: The purple-shaded area marks a strong support zone, which could act as a launch point for wave 5 if prices retrace to this level. This support is in line with the typical retracement levels for wave 4, reinforcing its validity as a potential pivot zone.
Wave 5 Target: Based on Fibonacci extensions, wave 5 could potentially reach the 0.618 extension level, around the $680 zone, representing a significant upside from the current price.
Bullish Continuation Signals: Higher highs and higher lows are evident, which confirm a bullish trend. The price staying above key support levels strengthens the bullish outlook.
Risks: If prices break below the wave 4 support zone, the structure could invalidate the expected bullish wave 5 target, leading to a potential deeper correction.
Summary: The chart shows a potential bullish continuation in SOL, with a target in the $680 zone if wave 4 support holds and wave 5 unfolds as anticipated.
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