Solana Price Prediction: Elliott Wave Theory Reveals Key Recovery Targets

Solana Price Prediction: Indeed, December started on a bullish note for most major cryptocurrencies, including Solana (SOL), which currently ranks sixth by market capitalization. Driven by the overall positive sentiment in the cryptocurrency market, particularly driven by the Bitcoin price recovery, the SOL price has seen a notable influx of investments. This trend resulted in a bullish breakout from its previous high resistance of $68.15, indicating the possible continuation of the recovery trend and new breakout opportunities.

Also Read: Solana (SOL) Price Jumps 5% as Founder Talks Launching More Saga Phone Models

Is SOL price ready to rise further?

  • A bullish breakout from the $68.15 resistance should drive a recovery trend to $85
  • The coin price above the crucial daily EMAs (20, 50, 100 and 200) reflects the overall bullish trend.
  • The 24-hour trading volume of the Solana coin is $4.11 billion, indicating a gain of 111%.
Solana Price Prediction

Solana Price Prediction TradingView Chart

Solana price returned to its recovery phase in late November, recovering from the support of $61.40. Over the past three weeks, this rally has boosted the coin by 40.3% to its current trading price of around $42.6.

Amid this rally, the coin price broke above the $68.1 resistance level, indicating that the latest correction has allowed buyers to rejuvenate the bullish momentum. If SOL price manages to maintain a close above this resistance, it could be used as a new support level to promote the recovery trend.

Will Solana price reach $100?

Solana Price Prediction

Solana Price Prediction TradingView Chart

Solana’s price recovery trajectory appears to align with Elliott wave theory, a technical analysis tool used to predict price movements by identifying recurring wave patterns. According to this theory, if the given chart analysis is correct, the SOL coin experienced a fourth wave correction during the third and fourth week of November.

Now, with bullish sentiment prevailing, SOL price appears to be entering the fifth wave, often characterized by rapid growth. Using the Fibonacci extension tool, it is projected that SOL could rise 18% to reach the 0.618 Fibonacci level at $85.8, with the possibility of further extending to the 1.68% Fibonacci level at 143 Dollars.

  • In exponential motion: The slope of the 20-day EMA continues to offer dynamic support to SOL price
  • Relative Strength Index: Despite the minor swings in the RSI slope that reflect the seller’s attempt to push the asset down, the price increase accentuates that buyers continue to dominate this asset.

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