Following a market downturn, altcoins, including Solana (SOL), are showing signs of recovery, with SOL’s price currently at $96.2. Solana, a major Ethereum competitor, maintains strong investor demand and an evolving ecosystem despite the competitive landscape.
SOL Coin experienced a decline within a decreasing parallel channel after peaking on December 25, hitting a low of $78. It has since initiated a recovery, breaking out of the channel, but gains have been modest.
The Relative Strength Index (RSI) has returned to positive territory for the first time since September, indicating potential for growth, but the price has yet to show a significant rebound, leaving investors uncertain about future trends.
SOL Coin Price Outlook
Analysts like Bluntz Capital are optimistic about SOL’s potential, predicting a rise towards $150 as it completes a sub-wave pattern. Michael Poppe also forecasts an upward trajectory for Solana, with a target of $140 after a period of consolidation and a strong support test at $80.
The Elliot wave analysis suggests SOL is in the fourth wave of a five-wave rise, with the $100 resistance level being pivotal. In a bullish scenario, SOL could reach a $155 resistance, but a failed break at $100 might see a decline to the $72 region.