Solana Poised For $400-500 Upside As Analyst Spots Wave 5 Formation
14 Agosto 2024 - 10:00PM
NEWSBTC
Solana (SOL), one of the largest digital assets in the market by
market capitalization, has been in a period of price consolidation,
oscillating between the $140 and $150 price range. This period
follows a significant drop that saw SOL plummet to $109 on August
5th, with a modest recovery since then. However, despite its
resurgence, Solana has struggled to break above upper resistance
levels, reflecting a pattern reminiscent of Bitcoin’s (BTC) price
movements for the past week. Solana Price Forecast According to
crypto analyst “XForce,” Solana is currently positioned in a way
that is strikingly similar to Bitcoin’s price action, just on a
different scale. Related Reading: Will The Bitcoin Price
Return To $20,000? Crypto Analyst Provides Answers The analyst
contends that Solana is likely in the midst of a “wave 4”
consolidation phase and is poised to enter a “wave 5” that could
potentially double its current all-time high of $259, reached
during the November 2021 bull run. This would imply a price
target of approximately $400-$500 for Solana at the top of this
market cycle, which could represent a price increase of nearly 250%
from current market levels. However, the analyst also warns that in
the near term, Solana could experience a deeper correction, with
targets potentially as low as a 22% drop to $110 or even a sharper
decline to the $75 mark. This scenario is based on the analyst’s
belief that Solana could enter in a “wave Y” correction. Bearish
Pattern Emerge, Threatening $100 Support Adding to the technical
analysis, Ali Martinez has recently spotted a potential head and
shoulders pattern forming on Solana’s hourly chart. This pattern
suggests that a breach below the $141 level could trigger a
correction, sending Solana down to the $122 range. This level
is of particular importance for Solana bulls, as a breach below
$141 could potentially jeopardize the token’s year-to-date macro
uptrend, which has been in place since February. If the $122 level
is lost, the theory put forth by XForce, the first analyst, could
come into play, with Solana potentially retesting the crucial $100
support floor. This would be a significant test for the token’s
long-term prospects, as a breach of this level could have broader
implications for Solana’s overall market sentiment and investor
confidence. Related Reading: Ethereum Price To Hit New All-Time
High If This Happens: Crypto Analyst Currently, SOL is trading at
$144, down over 2% in the 24-hour time frame, mirroring the broader
market’s price action. However, in the case of further catalysts
for the token’s price action, there are also crucial levels to
overcome if the bulls want to get past the $200 mark. On the
SOL/USDT daily chart, the first hurdle that led to the current
consolidation range for SOL was at $153, as the first barrier that
prevented a test of the next obstacle at $163. Gaining these two
levels in the short term will be key to anticipate a move towards
$183 before a leg up to the $200 mark. Featured image from DALL-E,
chart from TradingView.com
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