Solana upswing still expected, according to analyst

2024-01-09 08:53:07

Market analyst More Crypto Online shares that despite Solana seeing some red on Jan. 9, wave five is still on the table.

In a new video, the analyst suggests investors should ask whether we are still in the third wave or if the third wave is already finished. In response, More Crypto Online relates that it is hard to say since the market has not broken above the descending line, so a downtrend into wave 4 is possible.

Comparing assets, the analyst highlights that Bitcoin (BTC) has performed well, but Solana (SOL) is now in its holding pattern, although wave 5 is still on the table and is still expected as the main scenario.

Highlighting another major finding, the analyst points out that on the charts, the price of SOL is getting squeezed into an apex of a potential triangle, although it is not a normal triangle, so it isn’t automatically a trend continuation higher. He suggests the strange shape suggests that investors are awaiting a breakout, which may be a downtrend into the support area.

SOL to USD price chart | Source: CoinMarketCap“As long as pullbacks are corrective,” the analyst shares, “another move up is possible,”

At the time of writing, Solana sits at $100.21, a 5.8 gain in the last 24 hours.

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