SOLANA PRICE PREDICTION | SOLANA SOL 2021 | Crypto News Today
Guys as we get into this video, if you find it useful and informative hit the like button, i really appreciate that if you are new and make sure you subscribe tap, the bell select all notifications and in doing so you will not miss another update right lets. Uh lets get into some technical analysis here, for salon were going to start things off with this weekly chart guys and we are paired up with usdt now we can see, obviously, that we were kind of really nice and low down here with solana, fantastic opportunities to Purchase this down as low as one dollar and then we started to see a good surge to the upside in this third wave saw the correction wave 2 came in and now were into the fifth wave, nice and strong, and some good price action has been underway. Already some good price discovery and theres a few things we need to talk about and were going to go through. Several different levels were going to start with. The weekly well go down to the daily in the hourly after that, but on this weekly chart we can see that we were overbought for a very long time during this previous wave to the upside. Here and again, we just entered the world of overbought right now. So again we got a lot of time up here and we can spend uh. Basically, you know discovering new prices for solana and its going to be a little bit difficult to actually kind of give us price expectations, because its been performing so well so quickly, um.
But were going to get into what we can here well, obviously go through my price expectations and where things might be going in the future, um so obviously being uh oversold, sorry, overbought right now, loads of time to be spent up. Here we take a look at this were up here for a long long time. Uh months, we were up in the overbought area. So again, this is pretty positive news for where things are going in the second half of this year, as we close quarter, three go into quarter four and finish the ball run and very very strongly here for solana now what well do is well jump down into Our daily, because this is where a lot more of the the price action becomes very apparent right and were going to talk about the fibonacci retracement tool that we have here. We. Obviously, this goes from the high that we had um much earlier on in the year around kind of may, when a lot of these projects were peaking and solana was up at about 58.45. Before we had the correction to the downside, this correction to the downside, took us down towards 18.93, approximately im just going to check thats about right, yeah, so uh the low was 19.12 so a little bit higher than that, and i can just see it wasnt quite Right, let me just pull that back in line about yeah about that: well, call it 19.12. and then obviously from there we get the fibonacci retracement tool and our expectations are set accordingly.
Right and obviously this is an interesting thing, because this particular correction that we saw and then the push up into our um 618 702 786 area, the rejection from the 702, bringing us back down to the 382 area and pushing up again into this area again getting Rejected and pushing back down, we were actually kind of very frustrating during this moment, but this is basically what was going on with bitcoin at the time being tested over and over. There was a wike off um accumulation pattern forming um down here for bitcoin, and many of these old coins were following the same thing until it got abandoned later on, where everyone kind of thought. Bitcoin was going down to 20k when it broke the 30k level um and everyone kind of was shorting bitcoin. This is when the institutions decided to actually take the price up, invalidating the work of accumulation and the same kind of pattern here has formed for solana, and but that being said after this kind of correction to the downside, this time we had a good push to The upside and once we got this broken and we actually pushed through that 786 this time pushing through a little bit further and again, then we actually pushed all the way through the main 786 over here uh back testing on the previous high of 58.45, and then Surging through finding a good support line at seventy dollars after testing and kind of finding the resistance at the 1.
618 okay, so the 1.618 was the 82.79 price target. This was the very first price target that we had from our fibonacci retracement tool, and we took this out just up here back testing on the previous kind of resistance point um, which was 70 dollars. Turning that into a support, and then surging up ahead and again, we didnt stop there. We went after the 2.618 going after the 2.618, which was 122 and again we found a little bit of resistance, a little bit of a pullback and then most recently, the last couple of days. We surged past that too. So now we are looking with our sights firmly set on 161 as our third price target. This is the 3.618 area of the fibonacci okay. So progress has been made very very significantly here for solana right. So now we talk about the the 3.618, after that its 185, with the 4.236 okay and so 185 dollars was the kind of price expectations that we had set out for solano. The problem that i have with this is weve done this price action so fast, um that the expectations now are going to be significantly higher than just 185 dollars and so were going to look in the future uh how high this thing is likely to go. But we go into price discovery mode with very little technical assistance at that point, okay, and but we will try our best to kind of give ourselves ideas of where things are going and well have to do uh.
You know analysis on solana, frequently to kind of make sure that everything is tracking. Accordingly, we do not miss any additional opportunities so right now we are obviously talking about going up to the 161 dollars. This would be a nice target for us and before going to that full extension of 85 okay, 185 now the fibonacci retracement tool is useful and obviously using this in line with our stochastic rsi. That is now over ball again, taking a look at how things were performing in this daily chart, most recently, the correction that was needed and back up into this overbought area. This is again, is something that we could see sustained for quite some time. So again, everything here on solana is looking quite good. Um, a little correction like that one in the middle there does wipe out all of the momentum of your stochastic and allows you to continue this growth to the outside. So, even though we were overbought and the history has indicated that we could be up here for quite some time, if we were to look for a pullback, it would be a very small pullback that could wipe out that um stochastic rsi to the downside and allow Us then, to grow right back up again and take out even higher price points at a later date and guys. This is the thing with solana is the fact that it is new right, its relatively new. It has limited amount of information available to it, and the technical information here doesnt know about the fantastic things that are going on with the project it doesnt know about the you know the the things that are building on the new projects that are building on solano.
It does not know about the partnerships that solana are making it doesnt know about any of these things, and as a result of that, the fibonacci finds it very, very difficult to kind of accurately plot where things are its not something like xrp. For example, that has been around for years that has a good history to it that allows you to have a pretty accurate, fibonacci retracement tool, with good extensions of where things are going to go. Instead, like cardano, you have a limited amount of information and you can kind of plot things out, but as the fundamentals of a project change the technical data changes and then obviously it validates a lot of the fibonacci retracement tools and those extensions. Instead, we have to use different tools to help us and understand where things are going to go and so trend lines. Resistance and support are going to be our friend on this journey, so celina has been performing very, very well. I think its going to continue to do well as this bull run continues to unfold and we start to see even more price discovery at the moment. Its really difficult to give us a kind of a proper kind of price expectation um. But i am confident in saying that its going to be a higher price expectation now than 185 dollars, which was our previous 4.236 extension for now we could be targeting anywhere, you know, thats quite significant and upwards of 300 or so dollars from our current position.
So this particular project, like cardano, is going to be one of the main drivers um in the space in this particular bull run. Theres, a handful of projects that are going to be outperforming others and solana is definitely on the radar as one of them, hopefully guys. You have found this video useful and informative if you have hit the like button.