The price of Solana has been steadily increasing and has reached the expected level of $70. However, due to the busy agenda and market fluctuations, SOL has been slightly shaken. So, what levels does the current outlook indicate for SOL Coin? What can investors expect now?
In 2023, SOL Coin experienced a significant growth period. If asked in January, most investors would not have believed that the price would reach $70 by the end of the year. However, SOL Coin managed the impossible with the speculation brought by GSOL trust and reached new highs.
The price broke free from the descending resistance line from the ATH level in July and was confirmed as a support zone in September, signaling a real rise. Recently, SOL Coin price reached a new peak of over $68 in 2023 and is currently trading at $57.6.
What are the expectations of market experts for Solana? The Elliott wave theory is commonly used to accurately determine targets for long-term price fluctuations. Analyst Metakaku also shared his latest prediction using this theory and stated: “The upward target in SOL Coin has been completely achieved, leaving us with a completed correction in the macro. If this is the case, it is expected that the price will be rejected here and go to a new low level as shown in the third chart. This could be a warning for bears.”
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 if the fourth wave has ended. If the local low deepens, the price could drop to the support zone of $48. To confirm the rise, SOL Coin needs to close above $68.4. This opens the door for the rally to extend up to $86.2. However, if the support of $48 is lost, a decline towards $28 is possible.