Is Wave Five Still on the Table for Solana?
According to market analyst More Crypto Online, wave five is still a possibility for Solana, despite seeing some red on Jan. 9. However, it’s important to determine whether we are still in the third wave or if it has already finished. The analyst explains that it’s difficult to say because the market hasn’t broken above the descending line, leaving room for a potential downtrend into wave 4.
Solana’s Holding Pattern
Comparing assets, More Crypto Online notes that while Bitcoin (BTC) has performed well, Solana (SOL) is currently in a holding pattern. Nevertheless, wave 5 is still expected as the main scenario for Solana.
A Potential Triangle and Awaited Breakout
The analyst highlights an interesting finding on the charts: the price of SOL is being squeezed into an apex of a potential triangle. However, this is not a normal triangle and does not automatically indicate a trend continuation higher. The strange shape suggests that investors are anticipating a breakout, which may result in a downtrend into the support area.
Hot Take: Solana’s Upswing Still Expected
Despite some red flags, market analyst More Crypto Online believes that Solana’s upswing is still expected. As long as pullbacks remain corrective, there is potential for another move up. At the time of writing, Solana sits at $100.21 with a 5.8% gain in the last 24 hours.
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