SOL Price Prediction: When Will the Price Break Out?
The daily time frame analysis does not confirm the trend’s direction because of its mixed price action and wave count. The price action shows that SOL has possibly traded inside a symmetrical triangle since its December 25, 2023 high. The symmetrical triangle is considered a neutral pattern, meaning both breakouts and breakdowns are possible.
The wave count suggests the SOL price is consolidating in anticipation of another upward movement. Elliott Wave theory involves the analysis of recurring long-term price patterns and investor psychology to determine the direction of a trend. The most likely count suggests SOL is in wave four in a five-wave upward movement. Wave four has likely taken the shape of a symmetrical triangle.
If the count is correct, SOL will continue consolidating in the triangle before an eventual breakout. If that happens, a nearly 40% increase to the next resistance at $145 could transpire.
