Solana Price News Today – Elliott Wave Price Prediction & Technical Analysis, Price Update!
It seems like ethereum is currently working on its breakout bitcoin as well. Weve got various cryptos doing it at the moment and yeah, so lana im still a bit skeptical um and to be fair, its still very early days. You know: should this really be a beginning of a new uptrend? There is still much downside potential yeah for solana. For example, i mentioned that to really get more comfortable with the fact we might have a breakout here. I want to see price action above 48.41. That is the high of this wave for high here from the 31st of may. I wont root it out at the moment and to be honest um it could be. It could be that we really go and do this breakout here and the reason why i have been much more skeptical with solana than for example, bitcoin ethereum, is that this wave 5 low here in pink did not make a lower low uh yeah compared to the One from the 13th of june this wave 3 low. You would normally expect a wave 5 to go lower than the wave 3.. It is possible not to make a lower low in a so called truncated wave arrangement. However, these are extremely rare and it means that there must be significant upside afterwards, because the only reason that you get a truncated wave is because there is significant upside pressure. Now we havent really seen that until now and therefore im getting much more comfortable now to think about a um breakout to the upside, so im gon na sketch that out now on the chart for you for the first time really um, which means that yeah im Getting more comfortable with it, you know, and we need to take it seriously.
So that means that what weve seen here was already possibly a wave one yeah. I talked about that in the previous video im. I was concerned about this. I still am a bit because you had a lot of overlaps in this possible wave one, a lot of overlaps, which means a lot of sellers selling the rally. Basically, you know so a lot of overlaps and you moved up and you moved down very, very strong. Retracements throughout and then you broke out of this channel to the downside, but that was probably then the wave two which allows us now, especially as we broke above this high again, which allows us to calculate the price target for a wave three now. This is now what the price needs to prove. The price now needs to prove that we are in a breakout by reaching, at least by reaching at least the following price. Yeah were looking at least now at 54 dollars, the 1.618 fibonacci extension. If this is reached im getting much more comfortable with the fact that this was already that we are actually in a breakout scenario – okay, that indeed, we might not see much lower prices for the near future, and this is what the price needs to reach. While doing so, it will get through this important 48 41 level as well and lets say, the wave 3 will reach it up here. Then afterwards, you would expect a wave for retracement, usually around 20 to 30 percent of the wave 3 length, and then the wave 5 target could be the 2.
618 fib extension, which is 66 dollars. Now anybody who is already getting fomo now no need yeah no need, because after the wave two youre now getting the wave three four five, but all of this yeah will then count as a wave one. What does that mean? That means this wave one! All of this will be corrected in a larger wave two again, and this would be an interesting entry point now. No financial advice, of course, but this is probably as much confirmation as you will get, that this was the breakout, so lets say we reach this somewhere. Here at around, whatever 66 dollars yeah, what you would expect, then, in a wave 2, is to reach price levels between 46 dollars, 50 fit retracement of this large wave one to the upside and the 78.6, or even the 88.7 percent flip level. At thirty one dollars and eighteen, so that means this will smash down quite significantly again yeah. So this means there is actually no reason to formal. If you think you missed the train now there will be with a high likelihood after this five wave move up. Be another opportunity to get into this for a lower price in a larger wave too yeah – and this is always you know the the balance that i always say, an investor or even a trader needs to look at. Do you go in very early, so there probably were a lot of people who bought down here at 20, 30 yeah um.
Do you go in early, but you risk that prices will drop much more or do you wait for confirmation yeah? What this would be that we get a first five wave move up of this degree and then a three wave move down in an abc reaching the levels between 31 and 46 dollars. And do you wait until then and go in then this needs a bit more patience and you missed the lowest low. But at least you get better confirmation that you know we are with a high likelihood already in an uptrend. So this is obviously alone or only your own decision yeah its your hard earned money um, but yeah. You know the other reason why im getting more comfortable with this now is that this uptrend here has pretty much been unbroken now yeah and also here. This significant move up that we see now is getting interesting. Next resistance will now be 41.96. This wave too high, then weve got 545 dollars this wave too and then 48.41. These are the three key levels that now need to be broken by the way solana broke. Above the 20 day, moving average already here at 35 and lets take a look if we see wheres the 50 day moving average, because this will be relevant as well lets just change that to 50 and see where that is. I guess: okay thats coming down here. Yeah, that will be probably significant resistance, the 50 day moving average.
That will be here exactly at this other resistance at that wave too high that i just showed you at 45, so expect around 45 dollars significant resistance, but other than that we can see various indicators. Now going up, i think i already mentioned that in previous videos that we can see here, potentially bullish, crossovers emerging on the adx and the i the rsi now, interestingly, above 50, for the first time since the middle of april, the macd also here pushing higher, and This translates over onto the more longer term medium term indicators um, like the 2 day, where we already had a bullish crossover days ago. I think i mentioned that in the video already, which is a possible buy signal and the four day chart will produce a bullish. Crossover, probably here in the next few days as well, which is what i already talked about many days ago and weeks ago, when we see this coupled with this bullish divergence that we actually see on the four day macd. That is a good indicator that the breakout is actually happening now. This is also already turning in you know. You can see that here the adx i mentioned that i cant remember if there was a solana, video or a bitcoin video, where i explained that. But if you see a bullish divergence, you see a bullish crossover on the macd and on the four day chart the adx lines are getting closer together yeah.
This is a significant sign that we are already in a breakout scenario or at least that we are going to see significant upside before we come down once more. Alright, that is my view about solana.