Solana (SOL), currently valued between $140 and $150, has seen a modest recovery from its August 5th low of $109. However, it has struggled to surpass upper resistance levels, showing a pattern similar to Bitcoin’s recent movements.
Crypto analyst “XForce” suggests that Solana is in a “wave 4” consolidation phase and is poised to enter “wave 5,” potentially doubling its all-time high to reach between $400 and $500. This would indicate a price increase of nearly 250% from current levels.
However, in the short term, Solana might face a deeper correction, potentially dropping by 22% to $110 or even plummeting to $75. This scenario aligns with a possible “wave Y” correction identified by the analyst.
Technical expert Ali Martinez has identified a head and shoulders pattern on Solana’s hourly chart, suggesting that a fall below $141 could drive the price down to $122. This critical level is essential for maintaining Solana’s macro uptrend since February.
If Solana breaks below $122, XForce’s predictions could materialize, with the token potentially retesting the crucial $100 support. Breaching this level could adversely affect investor confidence and the overall market sentiment.
Currently trading at $144, down 2% in 24 hours, Solana faces significant resistance at $153 and $163. Overcoming these levels is crucial for attempting a move towards $183 and ultimately $200.
