Solana (SOL) is about to have a price movement, according to an analysis by prominent crypto expert, CryptoBullet. The analyst’s updated forecast highlights the resilience of SOL, particularly during its current consolidation phase.
Over the past four months, Solana has maintained its position above $100, despite being in a corrective phase. This suggests that the crypto is preparing for a major breakout, potentially hitting a new high.
What you'll learn 👉
SOL Analysis Confirms Bullish Momentum
CryptoBullet’s Elliott Wave analysis provides a detailed look at Solana’s price trajectory. The current trend is classified as Wave 4, a period of stabilization following the strong upward momentum of Wave 3.
Furthermore, the analysis notes that Solana has not fallen below the critical support level of $100, a positive indicator for investors. The chart shared by CryptoBullet shows that SOL is still within a healthy corrective range, which has been termed “chopsolidation.”
Moreover, he expects this consolidation to last for another month before a breakout occurs. The crucial resistance level to watch is around $140, and once breached, it could trigger the next bullish phase—Wave 5.
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Key Support and Resistance Levels Highlight Potential Growth
The analysis emphasizes the importance of key support and resistance levels. The support zone between $85 and $100 has remained strong throughout the consolidation period.
On the other hand, resistance at $140 has proven challenging, but breaking this level could lead to a rapid price increase. CryptoBullet’s projection for Wave 5 suggests that Solana could surge towards $600, marking a key milestone for the crypto.
The Relative Strength Index currently shows a bearish divergence, which is typical during Wave 4 corrections and does not necessarily indicate a trend reversal.
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Show more +Solana’s Path to a New All-Time High
CryptoBullet’s analysis of Solana provides a clear and optimistic outlook. The ongoing consolidation phase is seen as a temporary setback before a major breakout.
Solana’s potential to reach $600 is evident. The alignment with Elliott Wave Theory and the strong support levels further strengthen this prediction, making Solana a crypto to watch in the coming months.
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