Analyst provides insights into the path leading to the upcoming record-breaking peak of the stock market.
A cryptocurrency analyst from the popular YouTube channel More Crypto Online recently shared their insights on the short-term price movement of Solana (SOL) in a video released on December 27th.
According to the analyst, there are two likely scenarios for Solana’s future price movement: a short-term bullish outlook or a short-term bearish outlook. However, they believe that both scenarios ultimately have a bullish outcome in the larger picture.
In the bullish scenario, the analyst predicts that Solana could experience another price surge in an extended third wave, reaching resistance levels between $134.79 and $147.47, before a broader correction begins. They point out that if Solana manages to hold support at $89.80, it could indicate further upside potential.
On the other hand, the bearish scenario suggests that the correction is already underway. In this case, the analyst expects Solana to retrace to major support levels between $47 and $79.34. However, they emphasize that both outlooks still maintain an overall bullish sentiment. Even if the deeper correction occurs, they anticipate a fifth wave upswing that will eventually propel Solana to new all-time highs.
When analyzing the potential for the bullish extension, the analyst highlights the significance of monitoring key Fibonacci levels, which have recently acted as crucial resistance and support zones. They also mention that the expected fifth wave could form an “ending diagonal” pattern, making it more challenging to determine the bottom of a pullback.
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