The Trust Layer for Market Analysts

Solana (SOLUSD) is attempting to break above the previous swing high of approximately $218 from late August. The analyst identifies a wedge pattern and suggests Solana is in a breakout mood. Support levels continue to hold, with a lower support area serving as a backup near $174. The analyst suggests that the large degree wave 2 bottomed in early August, with a move up in an ABC structure. Wave A is complete, and wave B (orange scenario) suggests not seeing the lower support area soon, anticipating a C wave up. Tracking wave C of 3, with expectations of a five-wave move, though messy and ugly. The analyst shifts the support area to reflect recent higher pushes, stating the price shouldn't break below $203.80; otherwise, the analysis is invalidated. Focus should shift to the last swing low at around $199.50, breaking below which becomes likely. The analyst references a yellow trend line, stating a decisive break above the August high and trend line is key to pushing towards $250. Solana's performance relative to ETH shows an uptrend and reversal in a support zone. Chart patterns suggest outperformance of Ethereum and Bitcoin. The Solana Bitcoin chart also reacts to support zones.