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Solana Consolidates Above $100: But Can SOL Go Higher?

Solana Consolidates Above $100: But Can SOL Go Higher? WikiBit 2024-02-23 03:03

Solana (SOL) remains above $100 but hasnt surpassed the 2023 high of $126.From $79 lows in January,

  • Solana (SOL) remains above $100 but hasnt surpassed the 2023 high of $126.

  • From $79 lows in January, SOL rallied to over $100.

  • The weekly RSI indicates a bearish divergence, suggesting potential exhaustion in the current price trend.

Solana (SOL) has traded firmly over the $100 level recently but has yet to challenge its 2023 peak around $126 so far. The mixed price action has given way to a neutral consolidation pattern that has analysts split on whether an upside or downside break materializes next.

Analysis of weekly charts reveals Solana rallying from $79 lows in January to print consecutive bullish candles over the past fortnight. This lifted prices above key Fib resistance at $100 but failed to overcome the $126 barrier, instead resulting in a lower high structurally.

The weekly Relative Strength Index (RSI), used for gauging trend momentum and directional bias, reflects this uncertainty. While holding above 50 in bullish territory, it shows bearish divergence between the indicator and price peaks, typically signaling exhaustion runups.

On shorter timeframes, Solanas price has possibly evolved into a symmetrical triangle since late December, according to technical patterns. As neutral formations, these triangles can precede breaks in either direction, so forecasting becomes difficult.

Will Solana hold above $100?

Yet crypto trader Altcoin Sherpa still spots opportunity at current levels, tweeting that buying Solana around $100 looks about right. Less active traders may prefer letting things ride instead of trading more complex chart formations, according to him.

Some analysts utilize Elliott Wave Theory to forecast trend progression based on recurring investor psychology cycles seen over history. As per projections, SOL looks to be consolidating in wave four currently after hitting wave three peaks, with the triangle meeting rules for such corrective patterns.

If the wave count proves accurate, Solana may continue ranging for some time before eventually breaking out upwards. Such a move could target similar altitudes as last year, around the $145 mark, should momentum turn bullish again. However, failure to get acceptance over the triangle risks much deeper declines instead, potentially to the $69 support level according to this analysis model.


The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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