2024-9-28 17:30 |
More Crypto Online, a top crypto analyst on X (formerly known as Twitter), revealed that Solana’s (SOL) has reached a pivotal moment as its price is touching the 1.618 Fibonacci extension level.
He added that the price has also hit the yellow trend line, a level that many traders are closely watching. However, the question remains: will SOL’s price continue its upward momentum, or is a correction on the horizon?
SOL Chart Analysis: Wave 4 Pullback or Continued Rally?According to More Crypto Online chart, the SOL price is approaching a potential wave 4 correction within the Elliott Wave structure. Although there has only been a minor pullback so far, many analysts are monitoring the situation for further signs of a more significant correction.
Should wave 4 begin at this point, support levels are anticipated between $139.59 and $147.80, as indicated by key Fibonacci retracement levels.
Image Source: X/MoreCryptoOnlineThe analysis also suggests that if wave 4 holds within this support range, it could pave the way for a larger bullish continuation. Traders are carefully watching these levels to gauge the next move for SOL’s price.
Moreover, if wave 4 unfolds as expected, the final wave 5 could lead to a price target near $179.72. This would require a significant extension from the current levels, especially if wave 3 had previously extended. An extended wave 3 typically allows for wave 5 to reach higher levels, maintaining the proportions of the overall pattern.
Furthermore, the SOL chart highlights these potential outcomes, showing that if the price holds support and rallies, there’s room for further upside. Traders are preparing for the possibility of both scenarios, which could be a short-term correction or a continuation of the upward trend.
Read Also: Altcoin ‘Euphoria’ Continues: Here’s Why TON, PEPE, and SHIB Are Top Trending Cryptos
Monitoring Key Resistance LevelsAs Solana continues to test its resistance levels, traders are focusing on the 1.618 extension and yellow trend line for signs of rejection or further upward movement. The resistance around $155.94 may either cause a temporary halt in SOL’s momentum or signal the beginning of a deeper correction.
For now, the market remains uncertain, and much depends on whether Solana’s price can break through its current levels or if it will retrace to lower support before continuing upward. This makes the current price action a crucial moment for traders to watch closely.
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The post Solana Price Hits Make-or-Break Resistance: These Key Levels Will Determine Next SOL Direction appeared first on CaptainAltcoin.
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