We have not had a good 24 hours for altcoins, and the Spot Bitcoin ETF exits reminded us that we will not see a half-billion-dollar accumulation every day. The expected price correction arrived without much delay, and Bitcoin fell below $52,000. As the article is being prepared, it continues to linger around the $51,000 level, below the key region. There is also a reasonable decline in altcoins according to their support levels.
Solana (SOL)
Since dropping to $79 in January, the SOL Coin price has been increasing. However, BTC declines also affect it, with the price retreating to the $100 level in the last 24 hours and now finding buyers at $104. The popular altcoin is so strong thanks to the support of the hype in the network whenever BTC makes an upward move.
The $100 level has been acting as a key region in the price corrections for a long time. We should see the upward potential continue as long as the price remains above this resistance area. The weekly chart’s RSI indicates that the bulls maintain their advantageous position.
SOL Coin Price Prediction
The readings on the daily chart are complex, but the Elliott wave count gives us the opportunity to see possible levels and potential. On the other hand, since its peak on December 25, 2023, SOL Coin has been trading within a symmetrical triangle, and this neutral formation serves as a warning of an impending breakout.
A popular cryptocurrency analyst, Altcoin Sherpa, believes that investors waiting on the sidelines have finally caught the opportunity.
“SOL: Buying around $100 seems right; it’s still a very volatile chart. I think just buying and holding is a good option for people. SOL Coin is at a good level for those considering a long-term purchase”.
Returning to the Elliott wave count, SOL Coin’s price suggests it is consolidating for another upward move. The most likely count shows that SOL is in the third wave of a five-wave upward movement, targeting $145.
While the wave count for a new peak is promising, a downward breakout from the symmetrical triangle could roll the SOL Coin price back to $69. These will be the potential extreme targets for SOL Coin in the coming weeks.
