The Rise of SOL Coin
The rapid ascent of the king cryptocurrency has significantly impacted altcoins, particularly SOL Coin, leading to the anticipation of new all-time highs. Speculation has circulated for weeks that SOL Coin could surpass the $50 mark, and the first major target has now been achieved as the price successfully breached this threshold.
Solana (SOL) Analysis
Solana (SOL), a smart contract platform that has been attracting institutional demand and recovering from the effects of the FTX crash, is once again attracting buyers above $50. The recent CoinShares report highlights a substantial entry of SOL Coin, amounting to millions of dollars, indicating a positive outlook for the upcoming bull season.
Notably, in September, the long-term resistance trend line was confirmed as support, propelling the SOL price upwards. The rally demonstrated sharp momentum, with the price successfully surpassing the $27 resistance, a level that has historically seen reversals and drops to $20.
- The RSI supports the continuation of the uptrend.
SOL Coin Price Prediction
The daily chart’s Elliot wave count suggests the possibility of larger peaks. Elliot wave targets are particularly insightful for determining long-term movements in such bullish conditions.
The technical outlook indicates that the market is currently in the third wave of a five-wave uptrend, signaling a favorable environment for a sharp rise. Third waves typically yield significant peaks. Despite FTX’s consistent sales, experts believe that the SOL Coin’s rise will persist.
“FTX has been selling between 250k-700k SOL every day for the past two weeks, and the price either rises or moves sideways. I wonder how sharply the price will rise when these sales are over.”
With the third wave already 1.61 times the length of the first wave, the next likely target is $67. If the upward momentum continues, new peaks above $100 become a possibility. However, caution is advised, as closes below $50 and weakening interest may result in a drop to $40, with further potential downside to the long-term support of $27.