Crypto analyst Morecryptoonl has provided an optimistic outlook for Solana, noting its gradual climb above the pivotal upper support zone. This movement sets the stage for a significant price shift. Specifically, a decisive breakthrough at the $197 mark could propel SOL’s value directly towards or beyond $225, bypassing any return to the lower support zones. This scenario paints a bullish picture for the cryptocurrency, driven by technical analysis patterns and market dynamics.
The analysis draws upon the Elliott Wave Theory and Fibonacci retracements to forecast SOL’s potential future price action. According to this theory, SOL has already completed a classic five-wave progression, which an ABC correction pattern has typically followed. Consequently, this formation suggests that SOL is gearing up for a potential upward continuation in its price trajectory.
The implications of this analysis are significant for traders and investors alike. It hints at a strategic window for potential entry or augmentation of positions in anticipation of the forecasted price movement. Moreover, the utilization of established analytical frameworks like the Elliott Wave Theory lends credence to the projected outcomes.
As of press time, Solana is trading on a bullish note as the price tests the $200 key resistance level. Solana has been trading on an ascending pattern over the past month as the price rallied from $130 to $210, recording a monthly gain of 47%. On the weekly and daily charts, Solana has gained 10% and 4%, respectively.
Currently, Solana is exchanging hands at $196 as the bullish momentum builds. The bulls have been on the lead as the price continues to trade on an upward trajectory. SOL needs to break above the $200 rejection level to continue its upward journey. Solana’s market cap has climbed to $86 billion, while the trading volume has gained 24% with a value of $3.5 billion.
