**Solana Elliott Wave Update for April 18, 2024**
Solana, a prominent blockchain platform known for its scalability and decentralized applications, has been experiencing a corrective phase in its price action. Let’s analyze the current Elliott Wave structure to understand Solana’s potential future price movements:
**Solana’s Recent Correction:**
Over the past month, Solana has been navigating a Wave 2 correction, a standard retracement phase following a significant uptrend. Wave 2 corrections typically serve as a pause or consolidation period, allowing the asset to gather momentum for its next move.
**Key Support and Reversal Points:**
1. **Completion of C Wave:**
Solana’s corrective wave structure indicates that the C wave, part of the larger Wave 2 correction, is nearing completion. The C wave appears to consist of five sub-waves, a common pattern marking the end of a corrective phase.
2. **Support Levels:**
– **Primary Support:** Solana’s immediate support is identified at 125. This level represents the potential end of the C wave, and a bounce from here could signal the completion of the Wave 2 correction.
– **Worst Case Support:** If the 125 support fails to hold, the previous Wave 4 level around 80 becomes the worst-case scenario support.
3. **Potential Upside Targets:**
– **Breakout Level:** For Solana to confirm a bullish momentum and the beginning of a new impulse wave, it needs to break above the 180 resistance level.
– **3rd Wave Target:** Should Solana clear the 180 barrier, a powerful 3rd wave could propel it to as high as 350, marking a significant bullish move.
**Key Levels to Monitor:**
– **Support Level:** Solana needs to maintain above 125 to confirm the completion of the Wave 2 correction and a potential reversal.
– **Resistance Level:** A break above 180 would validate the bullish momentum and set the stage for a 3rd wave targeting 350.
**Conclusion:**
Solana’s Elliott Wave structure suggests that the cryptocurrency is at a pivotal point in its corrective phase. With the C wave near completion and key support identified at 125, Solana could be gearing up for a potential bullish reversal. However, traders and investors should remain vigilant and monitor the key levels closely. A successful bounce from 125, followed by a breakout above 180, would validate the bullish scenario targeting 350. As always, it’s essential to adapt strategies based on evolving market conditions to capitalize on potential price movements effectively.
