SOLANA:
In the weekly timeframe, SOL is currently trading within a parallel channel, delineated by a robust lower support line and an upper resistance line. Additionally, notable on the weekly horizon, SOL demonstrates a pattern of forming Higher-High and Higher-Low structures.
Transitioning to the daily timeframe, SOL has recently breached its $24 support level and is now on a trajectory towards its subsequent support base at $20. Notably, $20 has historically functioned as a significant support level for SOL, making it probable that the asset will gravitate towards this mark prior to determining its overarching trend trajectory. Beyond the $20 level, the subsequent substantial support resides at $17, coinciding with the lower trendline of the parallel structure. Conversely, resistance levels on the daily scale for SOL manifest at $24, $27, and $33.
Charting SOL’s recent price actions, we observe a December 2022 nadir of $8, followed by an ascent to $27. Subsequently, a retracement brought SOL’s value down to $12.6, closely aligned with the 0.786 Fibonacci retracement level. This dip was followed by a renewed upward impulsive movement propelling SOL to its zenith at $33.4, which has once again been succeeded by a retracement phase.
A scrutiny of the Fibonacci retracement levels within this price oscillation reveals a notable 0.786 retracement level situated at $17. This particular level not only represents a robust support for SOL but also coincides with the lower trendline of the parallel structural movement observed in SOL’s price action. As SOL is trading in an Elliott Wave structure with Higher-High and Higher-Low structure, so according to its previous Elliott Wave duration, SOL can take up to 2 months and 2 weeks to perform the expected move. So we can expect SOL to perform the required move till the start of November 2023, but it is important for SOL not to move above $26 in order to complete the expected move as explained above.
TRON:
Currently, TRX is engaged in trading within a parallel channel, characterized by a robust lower support line that has facilitated five instances of price recovery, and an upper resistance line from which TRX has retraced on four occasions. Notably, TRX has recently established local highs within its Higher-High and Lower-High pattern. The prevailing price action suggests that TRX is poised to interact with the lower support line of the parallel channel, a crucial juncture that is expected to dictate its forthcoming trend trajectory.
Presently, TRX is confronted with a horizontal resistance barrier situated at 0.082, while a corresponding support level rests at 0.077. The resilience of the 0.082 level is underscored by TRX encountering two instances of reversal from this threshold. Furthermore, it is noteworthy that a higher resistance tier, 0.092, follows beyond the 0.082 level. In terms of support, the subsequent levels stand at 0.071 and 0.064. The preservation of TRX above the 0.0649 level assumes significance for the continuation of its upward momentum. A breach beneath the 0.064 level would effectively invalidate the Higher-High and Higher-Low structural pattern.
Evident from the chart’s presented structure, TRX has conclusively traversed its fifth Elliott wave, characterized by incremental higher highs and higher lows.
Upon applying Fibonacci retracement levels to TRX’s chart, a prominent support level at 0.618 becomes evident. This level has demonstrated its potency as a propellant for price on two distinct occasions. Presently, TRX finds itself in close proximity to this crucial 0.618 level. A breach below this level would potentially incite selling pressure on TRX. As TRX is trading in an Elliott Wave structure, making Higher-High and Higher-Low, each Elliott wave for downward movement has taken about 18 days, and 18 days of this downtrend are completed and we are expecting TRX to soon make a move. If it moves above 0.5 FIB level then our targets for the month of AUGUST and SEPTEMBER are $0.085 and $0.093. If it breaks below 0.618 FIB level, then out targets for AUGUST and SEPTEMBER are $0.07 and $0.064.
