Solana’s price movement has several analysts talking about what’s next for SOL. While some analysts predict a major downward movement, others see potential for upward momentum within the existing uptrend.
Bearish Outlook: ABC Correction Points to Possible Decline
Source: Alan Santana
Cryptocurrency analyst Alan Santana has identified a large ABC correction pattern in Solana’s price chart. He suggested a potential move towards the $80 – $100 price range.
This forecast represents a pullback from current levels, potentially qualifying as what Santana terms an “SSD-Wave” (Surprise-Super-Down-Wave) due to its magnitude of 40-50%.
Key points from Santana’s analysis include:
The top of wave B for the last sub-ABC wave has been reached
A price target in the $80 – $100 range, reminiscent of January 2024 levels
The move is characterized as having “bearish potential” (BD-Pot)
This bearish outlook suggests that investors should be prepared for a possible sharp correction in Solana’s price in the near term.
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Show more +Show less – Bullish Contrarian View: Uptrend Intact with Potential for Further Gains
In contrast to Santana’s bearish outlook, technical analysis from altFINS presents a more optimistic view of Solana’s price action. Their analysis suggests that while trends are mixed, the long-term uptrend remains intact as long as the price stays above the 200-day moving average.
Source: altFINS – Start using it today
Key elements of altFINS’ analysis include:
A potential buying opportunity near the $125-$135 support zone
A projected 20% upside to $160 if support holds
A recommended stop-loss level at $115
The analysis identifies the current price action as a “Pullback in Uptrend,” presenting a potential ‘buying dip’ opportunity for traders. It suggests looking for support levels where the price could stabilize and resume its uptrend, particularly levels that have acted as support or resistance in the past.
Additionally, altFINS notes that momentum is currently bullish, with the MACD Line having crossed above the MACD Signal Line. The RSI-14 levels indicate that Solana is neither overbought nor oversold, suggesting room for movement in either direction.
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The contrasting analyses present a complex picture for Solana investors and traders. While Santana’s analysis warns of a potential sharp decline, altFINS’ perspective suggests the possibility of continued upward movement within the broader uptrend.
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