{"id":635554,"date":"2024-08-15T03:00:58","date_gmt":"2024-08-15T03:00:58","guid":{"rendered":"https:\/\/wncen.com\/?p=635554"},"modified":"2024-08-15T01:51:03","modified_gmt":"2024-08-15T01:51:03","slug":"solana-poised-for-400-500-upside-as-analyst-spots-wave-5-formation","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/solana-poised-for-400-500-upside-as-analyst-spots-wave-5-formation\/","title":{"rendered":"Solana Poised For $400-500 Upside As Analyst Spots Wave 5 Formation"},"content":{"rendered":"

Solana (SOL), one of the largest digital assets in the market by market capitalization, has been in a period of price consolidation, oscillating between the $140 and $150 price range. This period follows a significant drop that saw SOL plummet to $109 on August 5th, with a modest recovery since then.\u00a0<\/span><\/p>\n

However, despite its resurgence, Solana has struggled to break above upper resistance levels, reflecting a <\/span>pattern <\/span><\/a>reminiscent of Bitcoin\u2019s (BTC) price movements for the past week.<\/span><\/p>\n

Solana Price Forecast<\/span><\/h2>\n

According <\/span><\/a>to crypto analyst “XForce,” Solana is currently positioned in a way that is strikingly similar to Bitcoin’s price action, just on a different scale.\u00a0<\/span><\/p>\n

Related Reading: Will The Bitcoin Price Return To $20,000? Crypto Analyst Provides Answers<\/a><\/div>\n

The analyst contends that Solana is likely in the midst of a “wave 4” consolidation phase and is poised to enter a “wave 5” that could potentially double its current all-time high of $259, reached during the November 2021 bull run.\u00a0<\/span><\/p>\n

This would imply a price target of approximately $400-$500 for Solana at the top of this <\/span>market cycle<\/span><\/a>, which could represent a price increase of nearly 250% from current market levels.<\/span><\/p>\n

However, the analyst also warns that in the near term, Solana could experience a deeper correction, with targets potentially as low as a 22% drop to $110 or even a sharper decline to the $75 mark. This scenario is based on the analyst’s belief that Solana could enter in a “wave Y” correction.<\/span><\/p>\n

Bearish Pattern Emerge, Threatening $100 Support<\/span><\/h2>\n

Adding to the technical analysis, Ali Martinez has recently spotted a potential <\/span>head and shoulders pattern <\/span><\/a>forming on Solana’s hourly chart. This pattern suggests that a breach below the $141 level could trigger a correction, sending Solana down to the $122 range.\u00a0<\/span><\/p>\n

This level is of particular importance for Solana bulls, as a breach below $141 could potentially jeopardize the token’s year-to-date macro uptrend, which has been in place since February.<\/span><\/p>\n

If the $122 level is lost, the theory put forth by XForce, the first analyst, could come into play, with Solana potentially retesting the crucial $100 support floor. This would be a significant test for the token’s long-term prospects, as a breach of this level could have broader implications for Solana’s overall<\/span> market sentiment<\/span><\/a> and investor confidence.<\/span><\/p>\n

Related Reading: Ethereum Price To Hit New All-Time High If This Happens: Crypto Analyst<\/a><\/div>\n

Currently, SOL is trading at $144, down over 2% in the 24-hour time frame, mirroring the broader market’s price action. However, in the case of further catalysts for the token’s price action, there are also crucial levels to overcome if the bulls want to get past the $200 mark.<\/span><\/p>\n

On the SOL\/USDT daily chart, the first hurdle that led to the current <\/span>consolidation <\/span><\/a>range for SOL was at $153, as the first barrier that prevented a test of the next obstacle at $163. Gaining these two levels in the short term will be key to anticipate a move towards $183 before a leg up to the $200 mark.<\/span><\/p>\n

\"Solana\"
The 1D chart shows SOL’s sideways price action. Source: SOLUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from DALL-E, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Solana (SOL), one of the largest digital assets in the market by market capitalization, has been in a period of price consolidation, oscillating between the $140 and $150 price range. This period follows a significant drop that saw SOL plummet to $109 on August 5th, with a modest recovery since then.\u00a0 However, despite its resurgence, Solana has struggled to break above upper resistance levels, reflecting a pattern reminiscent of Bitcoin\u2019s (BTC) price movements for the past week. Solana Price Forecast According to crypto analyst “XForce,” Solana is currently positioned in a way that is strikingly similar to Bitcoin’s price action, just on a different scale.\u00a0 Related Reading: Will The Bitcoin Price Return To $20,000? Crypto Analyst Provides Answers The analyst contends that Solana is likely in the midst of a “wave 4” consolidation phase and is poised to enter a “wave 5” that could potentially double its current all-time high of $259, reached during the November 2021 bull run.\u00a0 This would imply a price target of approximately $400-$500 for Solana at the top of this market cycle, which could represent a price increase of nearly 250% from current market levels. However, the analyst also warns that in the near term, Solana could experience a deeper correction, with targets potentially as low as a 22% drop to $110 or even a sharper decline to the $75 mark. This scenario is based on the analyst’s belief that Solana could enter in a “wave Y” correction. Bearish Pattern Emerge, Threatening $100 Support Adding to the technical analysis, Ali Martinez has recently spotted a potential head and shoulders pattern forming on Solana’s hourly chart. This pattern suggests that a breach below the $141 level could trigger a correction, sending Solana down to the $122 range.\u00a0 This level is of particular importance for Solana bulls, as a breach below $141 could potentially jeopardize the token’s year-to-date macro uptrend, which has been in place since February. If the $122 level is lost, the theory put forth by XForce, the first analyst, could come into play, with Solana potentially retesting the crucial $100 support floor. This would be a significant test for the token’s long-term prospects, as a breach of this level could have broader implications for Solana’s overall market sentiment and investor confidence. Related Reading: Ethereum Price To Hit New All-Time High If This Happens: Crypto Analyst Currently, SOL is trading at $144, down over 2% in the 24-hour time frame, mirroring the broader market’s price action. However, in the case of further catalysts for the token’s price action, there are also crucial levels to overcome if the bulls want to get past the $200 mark. On the SOL\/USDT daily chart, the first hurdle that led to the current consolidation range for SOL was at $153, as the first barrier that prevented a test of the next obstacle at $163. Gaining these two levels in the short term will be key to anticipate a move towards $183 before a leg up to the $200 mark. Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":624336,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[6664,14690,83626,86515,90077,92246,89405,85361,90228,91344,86410,83627],"class_list":["post-635554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-crypto","tag-crypto-news","tag-solana","tag-solana-sol","tag-solana-100","tag-solana-analysis","tag-solana-news","tag-solana-price","tag-solana-price-analysis","tag-solana-price-forecast","tag-solusd","tag-solusdt"],"acf":[],"yoast_head":"\nSolana Poised For $400-500 Upside As Analyst Spots Wave 5 Formation<\/title>\n<meta name=\"description\" content=\"Solana is in the midst of a "wave 4" consolidation phase and is poised to enter a "wave 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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