2024-8-28 22:00 |
Various analysts have released their predictions about the next price trajectory for Solana. We have brought together thoughts about Solana’s next price direction from top analysts in the industry.
While some are seeing a bearish move, other analysts predict the price going bullish based on certain conditions in the short term. Let’s go into details:
Analyst Sees a Price Increase to $185Scient, with more than 22,000 followers on X, posted an analysis of Solana and where the price could be heading. Based on the chart, the price was around $154.65, just above the 200-day EMA (Exponential Moving Average) and near key support at $151.28.
The analyst (@Crypto_Scient) is looking to place a limit-long order at the 4H 200EMA, targeting a potential breakout from the current consolidation range.
The buy-side Fair Value Gap (FVG) mentioned refers to a potential area where the price could revisit before a bounce, located around the $150-$151 area.
The analyst believes that once this consolidation ends, SOL will break out toward the all-time high (ATH) around $259.70. However, the immediate target is around $185.
Key Levels of Resistance and SupportThe analyst sees support at $151.28, aligning with the lower end of the current consolidation range and near the FVG zone.
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There is resistance/target at $174.24 (immediate resistance) and $185.35 (target area).
The chart suggests an upward trajectory after a possible bounce from the $150 area, targeting the $185 level first.
If the breakout continues, the next key levels would be $209.88 and $260.03 (ATH).
Possibility of a Price Crash to $55 and $33AlanSantana, a popular crypto analyst on TradingView, also updated his Solana crash target to a bit lower. The analyst sees the price falling to $55.
However, he sees that the level also does not have much support, which means there could be a further drop below that level, possibly to $33.
The analyst said if the downward move started around August 29, it could go down for three weeks and finally have a bottom on September 19. However, he cautioned that it is only speculative guessing, and the timing is not expected to go that way.
The second move after the bounce will be the end of the bearish wave.
The analyst admits the timing is hard to predict, but Solana, Bitcoin, Ethereum, Ripple, Tron, Avalanche, and many other cryptos are also going down.
Elliott Wave Suggests Two Potential Scenarios for Solana PriceA crypto analyst from the YouTube channel “More Crypto Online” presents a Solana price update using Elliott Wave technical analysis. The analyst outlines two potential scenarios for Solana’s price movement.
In the first scenario, the analyst suggests Solana could retest the lowest support region, described as the larger Wave 2 support box, which is defined between $19.95 and $14.037, here between the 78.6% retracement and the 38.2% retracement. The analyst explains that in this scenario, the rally from the 5th of August was a wave 1, and the wave two is still unfolding.
The analyst notes that the current rally is only in three waves and very fragile, originating from what he terms a corrective base. He elaborates that this means the microstructures look very messy with “a lot of overlap,” potentially indicating “a b-wave development.”
The second scenario, marked in yellow, suggests a more direct upward movement. The analyst identifies $152.50 as the pivotal price point distinguishing between these two scenarios. He explains that for the yellow scenario to remain viable, “we want the Bulls to turn up before the price breaks below $152.50.”
The analyst leans towards the yellow scenario, noting that “the move down so far looks corrective.” However, he emphasizes that this depends on a successful upside breakout”above a trendline with 1, 2, 3, 4 touch points.
Key support levels to watch in the yellow scenario are $154.80 and $152.50, with the analyst explaining that the 38.2% retracement is typically an ideal target for a fourth wave, and the 50% would be deep but still valid for a fourth wave in an upside impulse.
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If the price breaks above resistance, the analyst’s roadmap should take us into the $200 region. However, he cautions that the overall bullish thesis here fails with a break below $119.
Throughout the analysis, the crypto analyst emphasizes the importance of watching support regions and potential breakouts to determine which scenario is unfolding.
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