After weeks of consistent growth, SOL Coin’s rise has paused due to Bitcoin‘s (BTC) price volatility, which has also caused larger losses in altcoins. This downturn coincides with speculation about delays in the approval of a Bitcoin ETF, despite no concrete evidence to support such claims, prompting investors to react.
SOL Coin began its steady ascent in July 2023 after breaking free from a declining resistance line and confirmed this area as support by September. The preparation for BTC’s months-long rise started thereafter, with increased risk appetite in altcoins following the resolution of Binance FUD in November, during which SOL Coin continued to reach new highs.
The upward movement peaked in December at $126, marking a 610% increase over 105 days, easily breaking through significant resistance levels. However, a recent decline pushed SOL Coin’s price below $100. At the time of writing, BTC had surpassed $44,000 again, and SOL Coin was reclaiming a key area, with the RSI still not indicating a peak, suggesting potential for further growth.
A more cautious outlook is presented by the daily chart’s Elliot wave count, which is significant during high volatility periods. It indicates that SOL Coin is in the fourth wave, the corrective phase of a five-wave rise. The price recently bounced from the 0.382 Fibonacci retracement support level at $86, hinting at a possible uptrend after consolidation.
Despite the consolidation phase, BTC’s price nearing $44,000 again could mean a skip in this phase. If an upward movement commences, SOL Coin investors may target $185, but a potential pullback to support could see prices drop to as low as $73.