Solana witnessed an optimistic analysis from analyst Crypto Tony as he provided insights into its potential bullish movement. In his forecast, Tony emphasizes that the Solana price is poised to reach new highs in the coming days.
The chart, labelled with Elliott Wave notations, indicates the potential future trends for Solana. The current positioning of the waves suggests that Solana could be at the beginning of a positive upswing. Specifically, after the completion of wave (iv), which saw a price drop, wave (v) is expected to initiate a rising trend.
Analyst Exposes Market Manipulation in Solana’s PriceThe chart identifies a support level near $142, which has been tested but not breached recently, hinting at a stable base from which prices might ascend. Tony’s prediction points towards an optimistic future for Solana as it potentially heads into the fifth wave, typically associated with strong upward movements.
Solana price has seen notable fluctuations after a market rebound over the previous days. The altcoin price is finding stability above the $142 support level as it undergoes corrections. As of reporting time, the Solana price hovered at $142.80 during the U.S. trading session, making a dip of 8.21%. However, the token saw more than 20% surge in a week.
According to CoinMarketCap data, the market cap has slightly decreased by 8.19% to $66,650,588,831. Over the past 24-hours, Solana recorded a 119% surge in trading volume, at $2.9 billion, indicating a heightened market interest despite the current market dip.
The daily Bollinger bands show significant volatility in Solana’s price movements. The upper Bollinger band is positioned at $195, indicating a potential resistance level, while the lower band is at $125, suggesting possible support if bears mount more pressure. The Relative Strength Index (RSI) stands at 42.75, just below the neutral 50 mark, reflecting a slight bearish momentum in the market.
