📉 Solana (SOL) Price Dips Below $100 - What's Next? 📊💔

What does the future hold for SOL, and where can it find support? Let's dive into the analysis by Valdrin Tahiri and Ryan James.

1. SOL's Bearish Start to 2024: Signs of Weakness Unveiled

Since reaching its peak at $126 on December 25, 2023, Solana has experienced a decline, signaling a bearish start to the new year. Successive bearish weekly candlesticks, a deviation below the Fib retracement level, and a breach of the $100 mark have raised questions about SOL's immediate future.

2. Technical Analysis Insights: Searching for Support in a Symmetrical Triangle

Despite the downturn, technical indicators suggest that a Solana price bottom may be near. The weekly and daily time frames, along with the Elliott Wave theory, hint at the potential for support, highlighting a critical juncture for SOL's trajectory.

💡 Insights from Elliott Wave Theory: SOL's Corrective Wave Scenario

The current analysis employs Elliott Wave theory, revealing that SOL is likely in the fourth wave of a five-wave upward movement (white). This corrective phase could indicate a temporary setback before a potential upward continuation.

3. RSI Readings: Mixed Signals in Overbought Territory

The Relative Strength Index (RSI), a key momentum indicator, provides mixed readings. While the RSI is falling and in overbought territory, a hidden bullish divergence (green) adds complexity to the analysis. Traders closely monitor these signals to gauge potential market conditions.

🔍 Key Question: Is the Bottom Close for SOL?

As SOL navigates through this corrective phase, traders and investors are keenly watching for signs of a bottom. The symmetrical triangle and technical indicators paint a dynamic picture, and the resolution of this scenario could set the tone for SOL's trajectory in the coming weeks.

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