Analysts from More Crypto Online predict Solana (SOL) could pump to $440 based on its current market outlook. 

The experts discuss Solana’s current price and potential future movements based on the Elliott Wave analysis. They cite key support levels at $108.72, $105.20, and $102, with significant attention on whether these levels will bolster Solana’s position in the market. Their analysis leans towards a bullish outcome, suggesting a potential climb to all-time highs near $440, but still cautions about ongoing market corrections.

The experts further detail two bullish and bearish scenarios regarding Solana’s trajectory. In the bullish case, the market might achieve a new high, continuing the upward trend in the daily time frame. This scenario is contingent on the market defending the crucial $127 support level, which is pivotal for maintaining a bullish outlook. On the flip side, the bearish scenario points towards a possible peak, followed by a downward correction phase that could see prices falling to lower established support levels.

Based on this theory, the experts believe Solana, currently topping NFT user charts, is potentially in the latter stages of a bullish trend. Completing this pattern could result in either continuation or reversal. They state that the current phase could either be a setup for a final upward wave or the beginning of a correction phase.

Additional insights from the experts suggest different outcomes based on the ‘red count’ and ‘yellow count’ wave analysis. According to them, the red count indicates that Solana could be preparing for the fifth wave of a larger bullish pattern after completing its fourth wave. This scenario may also involve an ABC rally, a typical pattern in Elliott Wave theory, indicating a temporary upward movement before further corrections. The analysts also predict Solana could soon hit $164.

Solana Price Review: How Is SOL Doing Today?

Analyzing Solana’s price charts, we see that the price has formed a falling wedge pattern. This bullish pattern suggests a possible upside reversal after the downtrend. Should the price break above the edge, we could see a pump to previous support levels. On the other hand, the volume oscillator (volume oscill 5 10) is at -5.77%, indicating that the volume decreases as the wedge progresses. This aligns with the falling wedge pattern, where volume diminishes until the breakout point.

2-hour SOL/USD Chart | Source: TradingView

The Money Flow Index (MFI) holds a value of 37.97, near the lower end of the neutral range, which might suggest that the asset is not heavily overbought or oversold. At this point, buyers might start entering the market anticipating the breakout of the falling wedge. Based on stats from CoinMarketCap, Solana was priced at $130.7 as of 10:11 a.m. UTC, representing a 4% drop in valuation over 24 hours.

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.