Solana price has been impressively increasing for a while and continued its rally up to the $70 mark as expected. However, the busy agenda and market volatility have also shaken it to some extent. So, what levels does the current outlook indicate for SOL Coin? What can investors expect from now on?
In 2023, SOL Coin had a nice period of growth. If you had asked in January, most investors would not have believed that the price would reach the $70 mark by the end of the year. However, SOL Coin bulls managed to do the impossible and reached new highs with the price speculation brought by the GSOL trust.
The price broke free from the descending resistance line that came from the ATH level in July. In September, the region was confirmed as support, signaling the real rise. The SOL Coin price recently reached a new 2023 high above $68 and is now finding buyers at $57.6.
The price, which is currently not deviating from the $58 level, may be on the verge of further increases.
Expert Comments on SOL Coin
So, what are the expectations of market experts for Solana? Elliot wave theory is frequently used to accurately determine targets in long-term price fluctuations. Analyst Metakaku also shared his latest prediction with investors using this theory and said the following;
“The upward target in SOL Coin has been fully achieved, leaving us with a potential completed correction in the macro. If this is the case, the expectation is for the price to be rejected here and go to a new low level as shown in the third chart. This could be a warning for the bulls.”
Sherlock warned his followers that the downward movement could accelerate. However, the Elliott wave count on the daily chart shows that the situation is not that bad. If the count is correct, SOL is currently in the corrective fourth wave. It is not yet clear whether the fourth wave has ended. If the local bottom deepens, it could go down to the $48 support area.
To confirm the rise, SOL Coin needs to make closings above $68.4. This opens the door for the rally to extend towards $86.2. However, if the $48 support is lost, a drop towards $28 is likely.