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.
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