Crypto Analyst Foresees Solana’s (SOL) Price to Reach $400-$600 Post-Consolidation: Here’s His Outlook
According to crypto analyst CryptoBullet, Solana (SOL) has potentially completed its wave (3) impulsive move and is currently undergoing a corrective wave (4). However, this consolidation phase might pave the way for a substantial breakout, with the analyst predicting SOL to reach new all-time highs in the range of $400 to $600 during the final wave (5).
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Solana’s Price Action and Elliott Wave Analysis
CryptoBullet’s analysis is based on Elliott Wave Theory, a technical analysis approach that identifies recurring price patterns. The analyst believes Solana has experienced a significant uptrend, with waves (1), (3), and (5) representing impulsive moves, while waves (2) and (4) constitute corrective phases.
As per CryptoBullet’s chart annotations, the current price action suggests Solana is in the corrective wave (4) phase. “I’m expecting consolidation between $100-200 for a couple of months,” the analyst stated on X.
Potential for a Massive Breakout
However, the consolidation period is not seen as a bearish signal. Instead, CryptoBullet anticipates this accumulation phase to set the stage for a massive breakout. “After that, SOL should break out to a new ATH $400-600 – final Wave (5),” the analyst added.
Moreover, the Relative Strength Index (RSI) indicator suggests that Solana’s price may not face immediate downward pressure, as it appears to be heading towards neutral territory from an overbought condition during the peak of wave (3).
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Show more +Solana’s Current Price and Market Performance
At the time of writing, the price of Solana (SOL) is $144.24, according to data from CoinGecko. This represents a 10.59% price increase over the last 24 hours, indicating a bullish momentum in the short term.
While CryptoBullet’s analysis provides a potential roadmap for Solana’s future price trajectory, it’s crucial to note that cryptocurrency markets are highly volatile, and investors should conduct their own research and exercise caution when making investment decisions.
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