The rapid rise in the king cryptocurrency has impacted altcoins like SOL Coin and new highs are being seen. It has been mentioned for weeks that new peak points above $50 could be set for SOL Coin. The first major target has been achieved as the SOL Coin price successfully surpassed the $50 mark. So what comes next?
Solana (SOL), which has been attracting institutional demand for months and erasing the effects of the FTX crash, is once again finding buyers above $50. The popular smart contract platform has gained profits above the general market rise. In the recent CoinShares report, we mentioned that there was an entry of SOL Coin in an amount close to millions of dollars last week. The reason for this interest may be the expectation that SOL Coin price will show strong performance in the upcoming bull season.
Firstly, in September, the long-term resistance trend line was confirmed as support, and the price gain gained momentum. The rally was sharp, and the SOL price did not experience any pullbacks. During the upward movement, the SOL price successfully surpassed the $27 resistance. As you may remember, we have seen many times that the price turned around from this area and dropped to $20.
The RSI supports the continuation of the uptrend.
The daily chart’s Elliot wave count tells us that larger peaks could be coming. Elliot targets can be interesting, especially when determining long-term movements, while the price is in such a bullish position.
The technical outlook indicates that we are in the third wave of a five-wave uptrend. This suggests that the environment is favorable for a sharp rise. Third waves usually produce significant peaks. Bluntz_Capital stated that despite FTX’s consistent sales, the SOL Coin rise will continue because the price did not drop.
“FTX, has been selling between 250k-700k SOL every day for the past two weeks, and the price either rises or moves sideways. I wonder how sharply the price will rise when these sales are over.”
Since the third wave already has 1.61 times the length of the first wave, the next most likely target is $67. If the rise does not stop here, new peaks above $100 are possible.
However, if there are closes below $50 and interest weakens, a drop to $40 may occur. After that, it will go down to the long-term support of $27.