The analysis examines the Solana (SOL) to U.S. Dollar (USD) trading pair. The analyst discusses whether a recent move upwards is meaningful enough to consider it the start of the next leg up, referring to an "orange scenario" added to the chart. Despite this potential bullish move, the analyst views it as speculative and considers another lower low is likely, especially because there has only been a three-wave move upwards. He explains the current analysis is dealing with a wave A to the upside and under the white scenario the pullback is labeled wave A then B and then wave C to the downside. With a potential for one more low.