SOLUSDT Ready to Soar? Wave 5 Points to +30 % Upside Potential
2025-01-17
Category: None

Hey Realistic Traders,  Will  BINANCE:SOLUSDT  Create New All-Time High?   Let's dive into the analysis...

Analyzing Solana's (SOLUSDT) price movements using Elliott Wave Theory indicates the potential for a significant upside in Wave 5. Wave 3 previously extended beyond the 1.618 Fibonacci extension, classifying it as an extended wave. Following this, Wave 4 retraced approximately to the 0.618 Fibonacci level, forming a falling wedge pattern, which is a bullish signal.

The breakout from this falling wedge on the 4-hour chart, combined with a bullish divergence in the MACD indicator, suggests the possible initiation of Wave 5. However, as Wave 5 is expected to be a standard wave rather than an extended one, its movement may be relatively limited compared to the high of Wave 3. 

Based on these technical signals,  the price is projected to rise toward the $302.46 target , provided it holds above the  critical stop loss level of $175.28. 

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 "Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on Solana".