Solana

Bitcoin

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/12/HmXyV4oi-1-e1702038630914.png" class="attachment-full size-full wp-post-image" alt="SOL price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Solana Price Prediction: December has indeed started on a bullish note for most major cryptocurrencies, including Solana (SOL), which is currently ranked as the sixth-largest by market capitalization. Fueled by the overall positive sentiment in the crypto market, particularly led by <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> recovery, the SOL price has experienced a noteworthy influx of investments. This trend resulted in a bullish breakout from its previous swing-high resistance of $68.15, signaling the potential continuation of the recovery trend and new breakout opportunities. 
Also Read: <a href="https://coingape.com/solana-sol-price-jumps-5-as-founder-talks-of-launching-more-saga-phone-models/">Solana (SOL) Price Jumps 5% As Founder Talks of Launching More Saga Phone Models</a> 
<h2 id="b-is-sol-price-ready-to-surge-higher-b">Is SOL Price Ready to Surge Higher</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">A bullish breakout from $68.15 resistance should bolster a recovery trend to $85</li> 
 <li style="font-weight: 400;" aria-level="1">The coin price above crucial daily EMAs(20, 50, 100, and 200) reflect the overall uptrend</li> 
 <li style="font-weight: 400;" aria-level="1">The 24-hour trading volume on the Solana coin is $4.11 Billion, indicating a 111% gain.</li> 
</ul> 
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 <img decoding="async" src="https://s3.tradingview.com/snapshots/h/HmXyV4oi.png" alt="Solana Price Prediction" width="1946" height="1104">
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 Solana Price Prediction TradingView Chart
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The <a href="https://coingape.com/solana-sol-price-up-15-shooting-past-70-next-target-100/">Solana price</a> returned to its recovery phase in late November, bouncing back from $61.40 support. Over the past three weeks, this recovery has propelled the coin by 40.3% to its current trading price of around $42.6.&nbsp; 
<blockquote>
 Amid this rally, the coin price breached the $68.1 resistance level indicating that the last correction has allowed buyers to rejuvenate the bullish momentum. If the SOL price manages to sustain a close above this resistance, it could be used as a new support level to further the recovery trend.
</blockquote> 
<h2 id="strong-will-solana-price-hit-100-strong">Will Solana Price Hit $100</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/g/g6ig4peQ.png" alt="Solana Price Prediction" width="1946" height="1105">
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 Solana Price Prediction TradingView Chart
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The recovery trajectory of the Solana price appears to align with the Elliott Wave Theory, a technical analysis tool used to predict price movements by identifying recurring wave patterns. According to this theory, if the given chart analysis is correct, the SOL coin experienced a fourth wave correction during the third and fourth weeks of November.&nbsp; 
Now, with the prevailing bullish sentiment, the SOL price appears to be entering the fifth wave, often characterized by <a href="https://coingape.com/solana-sol-price-up-15-shooting-past-70-next-target-100/">rapid growth</a>. Utilizing the Fibonacci extension tool, it’s projected that SOL could surge by 18% to reach the 0.618 Fibonacci level at $85.8, with a possibility of extending further to the 1.68% Fibonacci level at $143. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponentially moving: A 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> slope continues to offer dynamic support to SOL price</li> 
 <li style="font-weight: 400;" aria-level="1">Relative strength index: Despite the lower swings in the <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> slope which reflect the seller’s attempt to push the asset down, the rising price accentuates the buyers continue to dominate this asset.</li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/markets/solana-price-prediction-elliott-wave-theory-reveals-key-targets/">Solana Price Prediction: Elliott Wave Theory Reveals Key Recovery Targets</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Solana Price Prediction: Elliott Wave Theory Reveals Key Recovery Targets

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