Solana (SOL) has increased by 4.3% in the past 24 hours and currently stands at $155.40, as trading volumes exploded in the first few hours of this week’s trading session.
It has been a rough month for SOL as the token has booked losses of nearly 9% during this period as the crypto market has cooled off after its April-May rally.
Investors’ interest in meme coins, an important segment of the Solana ecosystem, has also waned during this period as top tokens like Popcat (POPCAT) and Pudgy Penguins (PENGU) entered a distribution stage after they doubled and, in some cases, tripled their prices.
However, one trader believes that SOL could make a new all-time high soon based on an Elliott Wave analysis.
Matthew Dixon, a trader whose X account has more than 20,000 followers, shared a bullish Solana price prediction that classifies the latest pullback as wave #4 of an Elliott Wave progression and it could anticipate a big move to a new price record as wave #5 unfolds.
The Relative Strength Index (RSI) supports his analysis as the oscillator has made a U-turn after nearing oversold levels in the daily chart.
Meanwhile, another trader on X who analyzed SOL’s bounce off a key support at $141 also favors a bullish Solana price prediction as long as the token clears the $152 level – which is exactly what seems to be taking place this morning alongside some strong volumes.
Solana Price Prediction: Inverse Head and Shoulders Pattern Supports Move to $225
Solana’s daily chart shows confirmation of an inverse head and shoulders pattern that has been forming since early March.
The price broke out above the neckline at $148 with strong trading volumes. However, the token encountered strong selling pressure at $185 and retreated off those levels two times in just a few days.
As a result, the market has now retested and bounced off the neckline again. This could be the decisive move that pushes SOL above the $185 resistance if positive momentum accelerates.
The outcome of the United States negotiations with China on the trade front today could either make or break this pattern’s bullish bias depending on what happens.
However, based on technical indications solely, the price action supports a bullish Solana price prediction with a target set at $225 based on the size of the inverse H&S’s head.
Meanwhile, as Solana’s meme coin and DeFi ecosystem keep expanding, the network needs to strengthen its infrastructure to keep up with rising transaction volumes.
Solaxy (SOLX) is a layer-2 scaling protocol that addresses the congestion issues that have plagued the Solana blockchain in the past and it is currently the hottest crypto presales of the year having raised more than $46 million in just a few months.
Only One More Week to Invest in Solaxy (SOLX) at Its Discounted Presale Price
Solaxy (SOLX) has entered the last week of its presale event with $46 million raised.
This layer-2 scaling solution has already launched a testnet and a block explorer that allows investors to check the project’s performance in real time.
The L2 bundles transactions offline in a side chain before sending them to the mainnet to alleviate the layer-1 burden.
This is helpful during peak network usage times like January this year when TRUMP and MELANIA were launched.
The demand for $SOLX will skyrocket once the protocol is adopted by top wallets and exchanges. Hence, this token offers significant upside potential to early buyers who invest at its discounted presale price of $0.00175.
To buy $SOLX before the presale event ends, head to the Solaxy website and connect your wallet (e.g. Best Wallet).
You can either swap SOL or USDT for this token or use a bank card to invest.
The post Solana Price Prediction: Wave Pattern Hints at New ATH – But Only If This Bullish Trigger Hits appeared first on Cryptonews.
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