An analyst from More Crypto Online states that Solana (SOL) is currently looking bullish based on current market dynamics.
The analyst discusses the potential for an upside continuation on Solana, predicted to drop soon, in the market, referencing Elliott Wave Technical Analysis. The current market structure suggests a counter-trend move as a pullback in an ongoing uptrend.
On the other hand, the analyst highlights that the key pivot point remains at $119, with the overall market situation showing no significant change. The downside momentum on the 4-hour chart appears to be slowing, although it remains neutral, while the 1-hour chart continues to reflect bearish conditions on the RSI, indicating neither a downside completion signal nor an upside reversal signal has emerged.
Further analysis points to the current price movement as part of a corrective wave B within the broader Elliott Wave framework. The next significant price confirmation, according to the expert, would occur with a break above the trend line and the previous swing high, located around $152.40. This comes as other analysts predict Solana could soon hit a new low while others predict it could receiver soon.
Solana Price Review: How is SOL Doing Today?
Looking at an in-depth analysis, we see that the price is currently interacting with the Ichimoku Cloud, specifically within the cloud, indicating a period of consolidation and potential indecision in the market. The cloud is relatively flat, suggesting that the market lacks strong momentum in either direction. The Tenkan-Sen is currently positioned below the Kijun-Sen, indicating a bearish signal. However, since the price is within the cloud, the signal is weak and not definitive.
4-hour SOL/USD Chart | Source: TradingView
On the other hand, we see that the Kijun-Sen is serving as a resistance level, which is currently around $144.96. A break above this level would be a bullish sign, especially if the price can clear the cloud. The Chikou Span is currently within the price action, which is another sign of market indecision. The Volume Oscillator shows a recent increase in buying interest, as indicated by the positive percentage. However, the increase is not substantial enough to signal a strong bullish breakout. The market may need higher volume to confirm any significant moves.
