Solana: Elliott Wave Analysis

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 Solana daily chart


As shown in the above chart, prices are moving in a positive direction as none of the previous bottoms has been breached. It will be important to see if the current fall will break the previous higher bottom placed at $20 levels where cluster of supports are placed.

From Waves perspective, prices have completed impulse wave (1-2-3-4-5) and it is currently moving in corrective mode. I think it is moving in wave A in which double correction is seen. 

The summation is, Solana is likely to move down to test the level of $25-$20 levels over short to medium term.

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