Solana

The analysis of SOLUSD indicates a strong likelihood of a bearish wave structure. Currently, the market appears to be completing an impulse sequence, with the minor fourth wave 4 exhibiting a retracement to exactly 38% of the preceding minor wave three 3. This retracement aligns with traditional Elliott Wave principles, reinforcing the integrity of the current count. As the price action unfolds, we identify a subsequent one-two (1-2) pattern, which suggests continuation to the downside. The projected target for this sequence is approximately 61, while the invalidation level is set at 91. Should the price exceed the latter, the bearish outlook may require reconsideration. Overall, the evidence supports a solid bearish count, aligning with established Elliott Wave characteristics.