Solana is a high-performance blockchain designed for fast, low-cost transactions. It uses a unique Proof-of-History (PoH) mechanism combined with Proof-of-Stake to achieve high throughput, making it popular for DeFi, NFTs, and scalable dApps. Its ecosystem has grown rapidly thanks to speed, low fees, and strong developer activity.
Solana with ticker SOLUSD is coming down, but it’s now testing the first 125 – 120 support area around the important 61,8% Fibo. retracement for wave C of a potential ABCDE bullish triangle pattern, so if we see a rebound and recovery, then we will start tracking wave D. However, if Solana will keep weakening, then we should be also aware of more weakness within wave C as part of a deeper ABC correction.
As you can see on the weekly basis, it still looks like a higher degree wave (4) consolidation before it may resume the uptrend for wave (5).
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