Analyst Gives Short-Term Outlook for Solana (SOL)
A crypto analyst from the YouTube channel More Crypto Online recently shared their perspective on the potential short-term price movement for Solana (SOL). They believe that there are two likely scenarios in the near future: a short-term bullish outlook or a short-term bearish outlook. However, they view both scenarios as ultimately bullish in the bigger picture.
Bullish Scenario: “One More High”
In the bullish scenario, the analyst predicts that Solana could experience “one more high” in an extended third wave. This could push the price to resistance levels between $134.79 and $147.47 before a broader correction occurs. The analyst emphasizes that holding support at $89.80 could indicate further upside potential for Solana.
Bearish Scenario: Correction Underway
Alternatively, if the correction is already underway, the bearish scenario would involve Solana retracing to major support between $47 and $79.34. Despite this correction, the analyst maintains that both outlooks remain net bullish overall. They anticipate a fifth wave upswing that will eventually surpass Solana’s previous all-time high.
Key Fibonacci Levels and Ending Diagonal Pattern
When considering the potential for a bullish extension, the analyst highlights the importance of monitoring key Fibonacci levels that have recently acted as resistance and support zones. Additionally, they mention that the expected fifth wave could form an “ending diagonal” pattern, making it more challenging to determine the bottom of a pullback.
Hot Take: Analyst Sees Bullish Future for Solana
According to the analyst, both the bullish and bearish outlooks are still net positive overall, with an eventual fifth Elliot wave expected to take Solana to new highs.
The crypto analyst from More Crypto Online shared their insights on the short-term price movement of Solana (SOL). They presented two possible scenarios: a short-term bullish outlook or a short-term bearish outlook. However, they believe that both scenarios ultimately lead to a bullish outcome. In the bullish scenario, Solana could reach new resistance levels before a correction occurs. In the bearish scenario, Solana would retrace to major support levels. The analyst also discussed the significance of Fibonacci levels and the possibility of an “ending diagonal” pattern. Despite the potential corrections, the analyst remains optimistic about Solana’s future, expecting a fifth wave upswing to propel it to new all-time highs.
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