Solana Price Action Suggests Room for Further Upside
Solana's price action suggests that it may still have room to continue its broader uptrend, according to an Elliott Wave analysis. The daily chart is unfolding within a five-wave impulse, indicating that even if the market enters a correction, it would not necessarily invalidate the larger bullish structure.
A corrective pullback could develop as part of wave 4 before another leg higher develops in wave 5. Looking at the 4-hour chart, Solana may be approaching the final stages of wave (3) of 3, with a potential retrace toward the 110-95 support zone.
The exact structure of the correction will be important, as Elliott Wave corrections can take different forms. The bigger picture remains constructive, with Solana potentially having already completed a higher-degree ABC correction in wave (IV), entering the final bullish wave (V) of the larger structure.