Solana’s price action continues to flash caution signals, even as momentum indicators suggest oversold conditions. The broader market structure remains tilted to the downside, with bearish waves still unfolding and key support levels under pressure. Until a clear shift in structure and a strong bullish impulse emerge, the risk of further downside remains firmly on the table.
Bearish Structure Dominates Solana On Lower Timeframe
In the current follow-up wave outlook for Solana on the 1-hour timeframe, Elliott Waves Academy highlights that bearish control remains firmly intact. The price has already experienced a strong impulsive decline, marking the first leg of a broader downward trend. This move is likely unfolding as waves 3–5 within wave (1)/(A), suggesting that the market is still in the early stages of a larger bearish cycle.
At this stage, price is approaching the 100% extension of the prior wave, aligning with a key support level of
Continue reading
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!