On the downside he warns that "it takes a break below $172, which is the last swing low, to indicate that a price top has formed in wave 1.” In a follow-up post on X he put it even more succinctly: "5th wave to the upside is confirmed.$191.25 is the next upside level to watch … it takes a break below $172 … to indicate that a price top has formed.” Related Reading: Solana Rallies Into Pivotal Zone – $180 Level Could Define Next Move A clean, high-volume break of $191.25 would confirm that the immediate corrective risk has been deferred; a decisive daily close beneath $172 would instead signal that the first leg of the new advance has exhausted itself and that a retracement toward the upper-$160s or even the mid-$150s is underway.
"If it’s a five-wave move, it can be a so-called A-wave,” the analyst explains, which would "result in a B-wave, ideally a higher low, and then a C-wave up.” The alternative—and MCO’s preferred scenario—treats the structure as wave 1 of a much larger impulse that could ultimately "easily get to $360 or higher.” Related Reading: Solana Network Activity Grows As 11M Wallets Now Hold 0.1 SOL Or More – Analyst For traders trying to calibrate risk in the near term, MCO isolates two numbers that matter most.
Against that backdrop, independent analyst More Crypto Online (MCO) released a fresh video update outlining why the move is technically "very full but not necessarily overextended or overstretched.” In the clip, MCO reiterates that the advance from the 30 April swing low traces out "a five-wave pattern” and stresses that, because "there was no confirmed top, one more high was still likely especially as long as this micro-support area held.” The micro zone he referenced earlier in the week lay between $159.67 and $168.23, a range Solana tested briefly before powering higher.
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