Analyzing SOL Coin Price: Prospects for Sustained Upward Momentum

Analyzing SOL Coin Price: Prospects for Sustained Upward Momentum

SOL Coin Price Analysis: Prospects for Sustained Upward Momentum

After the rapid recovery of Bitcoin price from $34,800, the price of SOL Coin has also started to rise again. During this recent uptrend, SOL Coin has caught attention with its rapid recovery trend. Moreover, we can see that the price has increased despite FTX sales. So, how high can it go? How long will the upward trend continue?

Solana Analysis

After confirming the decreasing resistance line as support in September, the price of SOL Coin entered a rapid recovery process. The price, which has been continuously increasing almost without a break, reached $50 from $27 within weeks. Last week, it had the best weekly closing since May 2022, with a closing price of $56.

In the past few days, the price, which surpassed $64, has now climbed back to the $62 region and exceeded 10% daily gains. RSI is above 50 and rising. The increasing demand along with the price suggests that SOL Coin bulls are preparing for new highs.

On Tuesday, Lookonchain reported a $13.6 million transfer of SOL Coin from FTX wallets to Kraken exchange. After the recent sales, FTX only has 3,408 SOL left, and the lock-up period for other SOL Coin assets will expire in 2025. This means that the bankrupt exchange can no longer create selling pressure.

SOL Coin Price Prediction

Before reaching the $48 level, we were talking about surpassing the $48-50 and $64 levels. It was surprising to see these targets turn into reality so quickly. The Elliot wave theory can be useful in determining the next possible targets.

On the daily chart, we can see that SOL Coin is in the third wave and it is likely to have the highest gain percentage of the 5-wave upward movement. Third waves bring parabolic rallies and therefore bring significant gains. BluntzCapital predicts a peak at $86 above the $67 resistance.

On the other hand, a rejection from the resistance area can push the price towards the $50 support area. On the other hand, closing below $32 will indicate a reversal of the upward trend. This could be followed by a gradual decline towards $20.

While Bitcoin is trying to reclaim $36,400, things were looking good for SOL Coin.