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Altcoins have started to recover following the recent BTC downturn, with the leading cryptocurrency also showing signs of recuperation. The significant drop that began on January 12 led to substantial losses for investors, but all is not lost. So, what’s the next target for Solana? Let’s discuss the current price prediction and outlook.
Solana (SOL)
SOL Coin, one of Ethereum’s biggest competitors, has been ranking high in volume for a long time. At the time of writing, its price is at $96.2. We had previously written that it could recover quickly from a drop below $90, along with the rise in BTC price. Demand among investors is strong, and despite increasing competition, its evolving ecosystem offers an advantage.
After the peak on December 25, the price of SOL Coin, which was falling within a decreasing parallel channel, bottomed out at $78 about six days ago. It then initiated a recovery rally and broke out of the channel. However, despite this breakout, it did not achieve massive gains.
The RSI, for the first time since the rise in September, has moved back into the positive territory after dipping below the neutral zone. However, like the price, it has not shown a significant recovery. This creates uncertainty among bulls about the future trend.
SOL Coin Prediction
Some analysts are vocally optimistic about SOL Coin’s potential for further gains. For instance, Bluntz Capital believes that SOL has completed its fourth sub-wave and is now on the verge of starting its journey towards $150.
Michael Poppe is also bullish, stating:
“Solana looks ready to continue its upward trajectory. After the initial upward move, there is always a period of consolidation, which seems to have ended. The $80 support test on a higher time frame has provided strength. It looks like we will continue towards $140.”
According to the Elliot wave count, SOL Coin price is in the fourth wave of a five-wave rise, and the transformation of the $100 resistance into support is crucial.
In an optimistic scenario, SOL Coin’s price is expected to reach the $155 resistance. If the upcoming break at $100 fails, the price could potentially drop to the $72 area.
