Elliott Wave Theory Reveals Key Recovery Targets

Solana Price Prediction: December has indeed started on a bullish note for most major cryptocurrencies, including Solana (SOL), which is currently ranked as the sixth-largest by market capitalization. Fueled by the overall positive sentiment in the crypto market, particularly led by Bitcoin price recovery, the SOL price has experienced a noteworthy influx of investments. This trend resulted in a bullish breakout from its previous swing-high resistance of $68.15, signaling the potential continuation of the recovery trend and new breakout opportunities.

Also Read: Solana (SOL) Price Jumps 5% As Founder Talks of Launching More Saga Phone Models

Is SOL Price Ready to Surge Higher

• A bullish breakout from $68.15 resistance should bolster a recovery trend to $85
• The coin price above crucial daily EMAs(20, 50, 100, and 200) reflect the overall uptrend
• The 24-hour trading volume on the Solana coin is $4.11 Billion, indicating a 111% gain.

The Solana price returned to its recovery phase in late November, bouncing back from $61.40 support. Over the past three weeks, this recovery has propelled the coin by 40.3% to its current trading price of around $42.6. 

Amid this rally, the coin price breached the $68.1 resistance level indicating that the last correction has allowed buyers to rejuvenate the bullish momentum. If the SOL price manages to sustain a close above this resistance, it could be used as a new support level to further the recovery trend.

Will Solana Price Hit $100

The recovery trajectory of the Solana price appears to align with the Elliott Wave Theory, a technical analysis tool used to predict price movements by identifying recurring wave patterns. According to this theory, if the given chart analysis is correct, the SOL coin experienced a fourth wave correction during the third and fourth weeks of November. 

Now, with the prevailing bullish sentiment, the SOL price appears to be entering the fifth wave, often characterized by rapid growth. Utilizing the Fibonacci extension tool, it’s projected that SOL could surge by 18% to reach the 0.618 Fibonacci level at $85.8, with a possibility of extending further to the 1.68% Fibonacci level at $143.

• Exponentially moving: A 20-day EMA slope continues to offer dynamic support to SOL price
• Relative strength index: Despite the lower swings in the RSI slope which reflect the seller’s attempt to push the asset down, the rising price accentuates the buyers continue to dominate this asset.