The Trust Layer for Market Analysts

The analysis focuses on Solana (SOL) using Elliott Wave theory and Fibonacci retracements on a daily timeframe. The current trend is identified as bearish. The primary scenario suggests that a corrective bounce might have ended, and the price could be forming the first wave of a larger downtrend. Key resistance levels to watch are between $73.18 and $89.405. If Solana fails to break above $73.18, it indicates weakness, and a potential decline towards the $62.42 level is expected. Further downside targets are identified at $48.785 and potentially $31.95, with a critical support level at $17.49. The analysis highlights that a break below $62.42 would confirm the bearish outlook, suggesting a continued move lower in the coming weeks. The speaker also notes that if the price breaks above the $77.58 resistance, it would invalidate the current bearish count and could signal a move towards $89.405.