This 1-hour chart of SOLUSDT (Solana Perpetual Contract) showcases a potential 5-wave Elliott impulse structure forming within a larger resistance zone.
– After breaking down from the highlighted resistance range (roughly $122–$129), SOL is currently retracing upward in what appears to be an impulsive 5-wave correction.
– Waves (1) through (4) seem to be in place, with Wave (5) projected to complete just below or near the resistance zone again.
– A potential bearish reversal is anticipated upon the completion of Wave (5), likely targeting support around the $120–$121 level.
Traders should monitor the price reaction near the $126–$128 region for rejection signals. A failure to break and hold above resistance could validate the short scenario, while a clean breakout could invalidate the bearish outlook and signal continuation.
Tight stop-loss management and confirmation through volume or momentum indicators are recommended before entering a trade.