Solana Price Prediction and Analysis for the Next Few Days

Bittime - Solana (SOL) is currently in a strong corrective phase, forming a clear descending channel and following a five-wave Elliott Wave structure. Recent price movements suggest that the asset may be at an important turning point, with potential signs of a reversal starting to emerge.

Analysis on 4-hour and 1-hour charts provides insight into ongoing trends and possible short-term price movements.

SOL Price Analysis

On the 4-hour chart, Solana shows a five-wave corrective structure that started after SOL reached its all-time high price of $294.50 on January 19. Since then, the price has moved in a clear descending channel, with the formation of lower peaks and valleys.

The final corrective wave, labeled as wave (v), reached the key support zone at $168.94, which also coincided with the 1.0 Fibonacci extension of the previous corrective wave. This indicates that the SOL price is approaching a strong support point.

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Bullish Divergence on RSI

If you look closer at Relative Strength Index (RSI) on the 4-hour chart, there is a strong bullish divergence. While the price prints a lower valley, the RSI shows a higher valley. This indicates that the bearish momentum is starting to weaken, which increases the possibility of a price reversal in the near term.

Additionally, after reaching that support level, Solana price has formed a small recovery structure, indicating that an impulsive wave may be forming. If SOL manages to break the descending trend line around $173, it will confirm the start of a new bullish phase.

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SOL Price Projection

On the 1-hour chart, Solana appears to be in the early stages of forming an impulsive wave after hitting a new low at $168.94. The current estimated wave structure indicates the formation of five waves.

If wave (ii) remains above the $168.94 level, then SOL is likely to resume its upward movement, with the target of wave (iii) being around the $180 zone. If momentum remains strong and the price manages to break above $173.42, then this bullish outlook will be further confirmed, paving the way for a breakout above the descending channel.

Bullish Scenario and Key Levels to Watch

In a longer bullish scenario, wave (v) could push the price towards the $195.81 level, which coincides with the 0.786 Fibonacci retracement. However, traders should monitor RSI momentum closely. If overbought conditions appear too quickly, there will likely be a pullback in wave (iv) before wave (v) completes its bullish movement.

However, if the price fails to sustain above $168.94, the bullish wave will be cancelled, and the SOL price may undergo a deeper correction towards $160 or even lower.

Key Levels to Pay Attention to

• Nearest Resistance: $173.42 (minor horizontal resistance).
• Key Resistance: $195,81 (retracement Fibonacci 0.786).
• Resistance Major: $216,90 (retracement Fibonacci 0.618).
• Nearest Support: $168.94 (recent low and 1.0 Fibonacci extension).
• Critical Support: $160 (potential retest zone).
• Short Term Targets for Wave (v): Above $216 if momentum continues.
• Cancellation Zone: Below $168.94, indicating potential further downside.

Conclusion

Overall, Solana is currently at a critical point after undergoing a significant correction. If the price can break the resistance around $173 and resume its upward movement, SOL has the potential to end the corrective phase and start a new bullish phase. However, failure to break the level could trigger a deeper correction, which might take the SOL price towards the key support zone around $160.

FAQ 

1. What caused the recent decline in SOL prices?

SOL's price decline was caused by a long market correction, with the price hitting a new low after hitting a high of $294.50 in January. Decreasing on-chain activity and corrective waves also affect the price.

2. What should traders pay attention to to predict SOL price movements?

Traders should monitor key support and resistance levels, especially around $168.94 and $173.42. The bullish divergence on the RSI also indicates that a possible price reversal could occur.

3. Can SOL return to its highest price in the near future?

SOL has the potential to return to its highest price if it manages to break through the resistance at $173 and continues its bullish phase. However, failure to penetrate this level could trigger further correction.

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Reference

CCN, Solana (SOL) Price Drops to November 2024 Levels, Correction May Be Over, accessed 19 February 2025.

Author: MF