Solana Poised For $400-500 Upside As Analyst Spots Wave 5 Formation

Quick Summary:

Crypto Analyst Provides Answers The analyst contends that Solana is likely in the midst of a “wave 4” consolidation phase and is poised to enter a “wave 5” that could potentially double its current all-time high of $259, reached during the November 2021 bull run.  This would imply a price target of approximately $400-$500 for Solana at the top of this market cycle, which could represent a price increase of nearly 250% from current market levels.

Solana Price Forecast According to crypto analyst “XForce,” Solana is currently positioned in a way that is strikingly similar to Bitcoin’s price action, just on a different scale.  Related Reading: Will The Bitcoin Price Return To $20,000?

This period follows a significant drop that saw SOL plummet to $109 on August 5th, with a modest recovery since then.  However, despite its resurgence, Solana has struggled to break above upper resistance levels, reflecting a pattern reminiscent of Bitcoin’s (BTC) price movements for the past week.

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Article Details

Author / Journalist: Ronaldo Marquez

Category: Crypto

Markets: United Kingdom

Topics: Crypto SOLUSD Solana news Solana price analysis Solana SOLUSDT Solana $100 Solana Analysis Crypto news Solana ( SOL) Solana Price Solana price forecast

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-15 @ 03:00:58 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 483 words

Reading Time: 3 minutes read

Sentences: 66 lines

Sentence Length: 8 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 22084141

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