About this video

• Video Title: Solana Price News Today - SOL Elliott Wave Price Technical Analysis, Price Update!
• Channel: More Crypto Online
• Speakers: [Speaker not explicitly named in transcript]
• Duration: 00:04:42

Overview

This video provides a technical analysis of Solana's (SOL) price using Elliott Wave theory. The speaker discusses current market conditions, key support and resistance levels, and potential price movements, particularly in anticipation of the FOMC meeting and Federal Reserve interest rate decision.

Key takeaways

• Solana is currently in an uptrend, but the market is in a holding pattern, waiting for a catalyst like the FOMC meeting.
• Key support levels are identified around $225, which was previously resistance. A test of this level is possible due to expected volatility.
• The analysis suggests that the recent bounce may be a corrective three-wave move (ABC structure) rather than the start of a new uptrend wave, indicating that a definitive low may not have been established yet.
• A break above the previous swing high of $244 is needed to signal a stronger uptrend and confirm a potential low.
• The support zone to watch for bulls to show up is between $229 and $223, with a critical Fibonacci support at $217.