Technical analysis by Erald1 about Symbol SOL: Buy recommendation (5/25/2024)

The chart for the SOLUSDT Perpetual Swap Contract on a 4-hour timeframe suggests that the price is in the midst of an Elliott Wave impulse sequence, currently progressing through Wave (5). Key Fibonacci extension levels indicate potential upward price targets, with the initial target around 194.59 (61.8% extension) and further targets up to 292.32 (200% extension). The current price is 169.98, and support is noted at 162.21, providing a potential entry point for traders aiming for these higher targets. Proper risk management, including placing a stop-loss below 162.21, is essential.