Solana Enters Wave 4 Consolidation Amid Bearish Trends
- Solana has reached the 261.80% Fibonacci extension level, indicating the completion of wave three.
- The market is now in wave four, a corrective phase expected to be more subdued than wave two.
- A breakdown below the key support could trigger wave five, targeting a decline toward $81.33–$78.69.
- After three months of consolidation, Solana experienced a significant breakout with a price move of 20–30%.
- Solana is retesting a crucial weekly support level, which is critical for maintaining bullish momentum.
Solana’s current market activity shows a transition into wave four after completing an aggressive wave three decline, as indicated by reaching the Fibonacci extension level. The ongoing consolidation phase presents potential for further bearish movement if key support levels fail to hold.
The recent breakout following prolonged consolidation highlights Solana’s volatility and potential for significant price movements, emphasizing the importance of monitoring support levels for future trends.Source
