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Bitcoin price is making a comeback to $43,000 as altcoins continue their previously paused rallies. December 19th is witnessing double-digit increases. More importantly, cryptocurrencies that were pulled back to support levels due to BTC‘s fall are now starting to break through resistances. But is more possible?
Solana (SOL) Analysis
Since the beginning of 2023, the price of SOL Coin has been increasing within a rising parallel channel. The resistance and support levels of this channel have been confirmed multiple times. At the time of writing, SOL Coin’s price is finding buyers at $75, continuing the day with a 7.2% increase.
In November, SOL broke out from the resistance trend line of the channel, which accelerated the rally. On December 16th, SOL Coin’s price surged by 865% to $79.5, indicating that the wounds of the FTX collapse had been clearly healed (at least in terms of price). Even though NFTs in the ecosystem remain a significant wreckage, SOL Coin’s price has recovered from the losses caused by institutional flight.
With the RSI above the neutral zone and the BTC price maintaining $43,000, the overall market sentiment is positive. If the surprise high PCE data does not arrive on Friday, SOL Coin’s price could reach new highs by the end of the year.
SOL Coin Price Target
Despite general optimism, a popular crypto analyst CryptoPoseidonn admits to looking for the right level to short sell.
“I want to open a short position, but the price still maintains market structure; this could be the overall peak, but I want to wait for a break in the 4-hour trend first. If we take it, the trigger will be an arrow.”
CryptoBusy, on the other hand, wants to be sure of new highs without convincing closures above the $78 level.
“There is still a need for a strong push to break above $78.
If it breaks and confirms this price, I’ll believe we are close to $90 and then $107.
However, the market is still in a waiting game. Be patient, guys.”
Elliot wave counting indicates that SOL is in the process of setting a new peak in the third wave of a five-wave rise. This stage is usually pregnant with significant increases, and SOL Coin has achieved this. Since the last peak is convincing for the third wave, a correction towards $55 could be expected.
However, daily chart closures above $73 could extend the third wave’s peak towards $95.
