Solana's Sideways Movement: TA and Price Prediction
Current Market Position
Solana has been experiencing a sideways range. Despite a general uptrend in the crypto market, Solana's price has been relatively stable.
Elliott Wave Analysis
The recent breakout from a triangular pattern aligns with the forecasted B wave stretch, indicating potential for further price increases.
There are two possible scenarios based on the current market structure:
Bullish Forecast
The overall forecast remains bullish, with targets set around $55.70 and $63.70, and potentially even reaching up to $80 before a corrective wave four occurs. The bullish assumption holds as long as the price stays above $38.30.
Bearish Considerations
A more bearish perspective would only be taken if the price falls below $28.40, the 50% Fibonacci retracement level, a critical support area that should not be broken in a wave four scenario.
Technical Levels to Watch
$44.75: The 78.6% Fibonacci retracement and the B wave high.
$66.00: The wave three high, which could indicate further direct extensions.
$48.30: A structural resistance level from a swing high made in August of the previous year.
Solana has been experiencing a sideways range. Despite a general uptrend in the crypto market, Solana's price has been relatively stable.
Elliott Wave Analysis
The recent breakout from a triangular pattern aligns with the forecasted B wave stretch, indicating potential for further price increases.
There are two possible scenarios based on the current market structure:
- Wave Three Extension: If Solana maintains a price above $38.30, it could indicate that the third wave is still in progress, and we might expect the price to push towards the $55 mark and possibly higher.
- Wave Four Unfolding: A drop below the last swing low at $39.70 could suggest that a C wave is unfolding, leading to a correction in wave four. However, there is no clear evidence yet that the B wave has topped.
Bullish Forecast
The overall forecast remains bullish, with targets set around $55.70 and $63.70, and potentially even reaching up to $80 before a corrective wave four occurs. The bullish assumption holds as long as the price stays above $38.30.
Bearish Considerations
A more bearish perspective would only be taken if the price falls below $28.40, the 50% Fibonacci retracement level, a critical support area that should not be broken in a wave four scenario.
Technical Levels to Watch
$44.75: The 78.6% Fibonacci retracement and the B wave high.
$66.00: The wave three high, which could indicate further direct extensions.
$48.30: A structural resistance level from a swing high made in August of the previous year.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.