Crypto trader That Martini Guy has predicted that Solana (SOL) will surge to $200 this week. This bullish outlook comes amid Solana’s sideways movement around the $161 mark. Meanwhile, technical analysis from More Crypto Online suggests a potential upswing, contingent on key support levels.
That Martini Guy’s tweet, “Solana is going to $200 this week,” has sparked discussions in the crypto community. His bold prediction aligns with some technical analysts’ views, who see potential for Solana to break past its current consolidation phase. However, the path to $200 is not without obstacles.
Trends lately show Solana hovering above $161 since its decline on May 26th. More Crypto Online’s analysis emphasizes the importance of identifying reliable patterns in this range. The double bottom pattern is noteworthy, although such formations often lead to temporary bounces rather than substantial breakouts.
Two primary scenarios are under consideration. The “Yellow Count” suggests a B-wave rally that peaked around $189, with a potential C-wave decline. Key support levels include $147, $137, and $119. A break below $147 would increase the likelihood of further decline. Conversely, the “Orange Count” predicts an extended B-wave rally that could propel Solana above $200.
Microstructure Insights and Future Predictions
The current price movement is described as ambiguous, reflecting a sideways range since late May. The analysis discusses the potential end of the B-wave pullback within the third wave, with a support region between $167.50 and $147.80. Recent movements are corrective, suggesting a significant decline is unlikely without breaking below $161.
Looking ahead, a breach below $161 might signal a further dip to test $155.70 or $147.80. However, if Solana remains above $147.80, it could see upside continuation in wave C of B. The double bottom pattern, though, indicates potential weakness and may only result in a temporary “dead cat bounce.”
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Risk Assessment and Final Thoughts
Despite the optimistic predictions, caution is advised. More Crypto Online states, “Double bottoms are typically not great setups; there’s often a bit of a bounce, but they don’t really lead to a substantial breakout.” Additionally, the double bottom pattern suggests weakness, potentially leading to just a temporary rebound.
Nevertheless, some analysts prefer the “Orange Scenario,” suggesting a more extended B-wave rally that could take Solana above $200. This view involves a different wave structure, favoring an ABC structure over the less reliable WXY pattern. The outcome heavily depends on Solana’s ability to hold key support levels.
While That Martini Guy boldly predicts Solana reaching $200 this week, technical analysis presents a more nuanced picture. Investors should monitor crucial support levels and be aware of potential risks..
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The post Crypto Trader’s Bold Prediction: Solana’s SOL to Hit $200 This Week appeared first on CaptainAltcoin.