Solana Starts 2024 on a Bearish Note
The Solana price has experienced a decline after reaching its high of $126 on December 25, 2023. This is the first time since October that successive bearish weekly candlesticks have been created.
SOL Price Prediction: Is the Bottom Close?
Based on Elliott Wave theory, Solana appears to be in the fourth wave of a five-wave upward movement. The daily Relative Strength Index (RSI) showed a bearish divergence at the $126 high. The price rebounded from the 0.382 Fib retracement support level at $86 and could potentially fall to the 0.5 Fib retracement support level at $72.
Can SOL Find Support and Rally?
If the corrective phase has reached its bottom, Solana’s price could consolidate within a symmetrical triangle before experiencing a breakout. In this scenario, the price could potentially reach $180, representing a 90% increase from the current price. However, if the price breaks down from the triangle, it could decrease by 25% to the 0.5 Fib retracement support level at $72.
Hot Take: Solana’s Price Faces Uncertainty
The Solana price has experienced a recent downturn and created successive bearish weekly candlesticks. While there are indications of a potential bullish rally, such as hidden bullish divergence and support levels, there is still uncertainty surrounding SOL’s future movement. Traders and analysts have different predictions for SOL’s price, with some suggesting further falls below $100. It remains to be seen whether SOL will find support and rally or continue its downward trend.
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