Current Market Situation:
- Unlike Bitcoin, Solana is showing relative strength. As depicted in the chart, Solana is following a typical Wave 4 formation within a symmetrical triangle, a classic corrective pattern.
Wave Count and Structure:
- I believe we are currently in Wave D within this triangle. This movement is progressing as expected and consists of three parts:
- We have completed Wave A and Wave B, and now Wave C is expected to follow.
- Wave C should bring the price to approximately $170.
Wave C Structure:
- Wave C is expected to follow a 5-wave structure. This implies that we are waiting for a 5-wave impulsive movement upwards, which will likely complete the current phase of the triangle and move Solana toward the anticipated price target.
Conclusion:
- Solana is adhering to the Wave 4 triangle formation and is currently progressing through Wave D. The next move, Wave C, is expected to bring the price towards $170, and this wave should unfold in a 5-wave pattern.
- As long as the market holds within the triangle boundaries, this outlook remains valid, and we should soon see an impulsive upward movement.