Bitcoin price has rebounded from the $34,500 support level, while SOL Coin has retreated to the $40 support level due to fluctuations in the price of the king cryptocurrency. Can these losses deepen? What do the current data tell us? Here are the details.
Solana (SOL) Analysis
After a successful October, cryptocurrencies have started November strong once again. There is no continuous decline, just as there is no continuous rise. Investors have experienced this many times in the past two years. For example, during the decline, $30,000 was a very strong and crucial support for BTC. It was tested multiple times, and eventually, we saw deeper lows below it. The same scenario works and continues during the rise. Now, unless we encounter any major surprises, we will see the price moving towards new highs.
Solana (SOL) laid the foundation for its rise in July. After breaking free from the long-term descending trend line, the price also surpassed the $28 obstacle. It was a challenging resistance, and throughout the year, we witnessed the price returning to $20 from this point multiple times.
A few days ago, it reached a new annual high of $46.7. This region has been confirmed as a resistance. However, the weekly RSI indicates that the upward trend continues.
SOL Coin Price Prediction
The Elliott wave count applied on the daily chart highlights a clear upward movement. This method has been used by experts for a long time, and we have seen many major movements, especially in BTC, detected by experts using this method. The most likely count suggests that SOL is in the third wave of a five-wave upward movement.
If the count is correct, the price will need to consolidate in the range of $38-$40 in the short term and turn its direction upward again. The most likely target is the $68 region, which represents a gain of approximately 60%.
Additionally, the SOL price may extend the third wave further and reach $68 without consolidation. For this, we need to see the $48 region being surpassed in the short term. Can this be triggered by a sudden BTC recovery? Only time will tell.
So, what should those waiting to reduce costs do? Current data suggest that a close below $32.1 can end the upward movement. In this case, after $28 and $24, there may be a new low at $20-$18.
