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Bitcoin‘s price continues to hover over $38,000, bringing smiles to altcoin investors with the latest recovery. The BTC price, having stubbornly breached tough resistances for weeks, now stands much closer to the $40,000 target. This may convince more investors that we have escaped the bear season.
Solana (SOL)
SOL price, after falling to as low as $8.5 in December 2022, has been on a steady rise due to massive demand. It had created five consecutive weekly green candlesticks and marked its annual peak above $68. With BTC price now rising again, it continues to hold above $60.
On November 29, the Solana Foundation will hold an AMA session discussing content creator tools, ecosystem, and future matters in Solana. The Solana community will also participate in another event at Art Basel Miami Beach. Such events could positively influence the price.
On the other hand, Grayscale Solana Trust (GSOL) has risen again above $100 after hitting the bottom of $92.5. If the demand for GSOL increases, it would support the SOL Coin price as it did before.
SOL Coin Prediction
According to analyst Michael Kanhwald, SOL Coin may continue its steady rise after successfully reclaiming a major horizontal support zone. Moreover, the rise in BTC and GSOL prices supports this possibility.
Analysts often make extensive use of the Elliott wave count to chart long-term price paths. This is a model used not only in crypto but in all markets. The daily chart wave count gives SOL Coin investors some ideas about the next stop.
We see SOL in the fourth wave of a five-wave upward movement. If the count is correct, the popular Ethereum killer could see a 55% increase to $86. However, closures below the $48 level could lead to a drop to the $28 support level.
As of the time of writing, Bitcoin (BTC) was finding buyers at $38,100, while SOL Coin looks ready for further gains. Altcoins started to secure double-digit gains again as BTC broke through resistance.
- Bitcoin maintains momentum, nearing $40,000.
- SOL price shows strength, community events may boost growth.
- Analyst suggests potential for SOL’s significant rise or fall.
