Solana price Analysis: Will $SOL hit $200 before a major crash?
- Solana rises by 3.58%, trading at $139.50 amid market consolidation.
- Volume drops to $2.5B, down 18.18%, hinting at a lull before a potential breakout.
- Analysts suggest a short-term ABC correction, with wave B targeting $200 before a major dip.
Solana (SOL) is trading at $139.50, up 3.58% over the last 24 hours. The trading volume has fallen to $2.5 billion, an 18.18% fall, reflecting an intermission period for market sentiment. SOL has registered an increase of 12.07% over the last seven days, reflecting an overall bullish sentiment, but technically, it appears to be approaching an important period of consolidation.
As volume is still low, the market is holding back, waiting to make a decisive move. Analysts suggest that without the dramatic spike in volume, SOL is less likely to breach current resistance.
This bulls vs. bears confrontation has put Solana into a sensitive technical situation. The $140 psychological level is still an important level to monitor, with momentum gauges such as RSI and MACD providing indicators for early signals of the direction of the next trend.
Possible Drop Below $90 Ahead
In the short term, there is tranquility, but the higher-timeframe technical analysis is more complicated. Solana is going through an ABC pattern of correction. The recent high was the fifth wave of an extended Elliott Wave cycle, and current movement is said to be part of an extended corrective pattern.
In addition, Wave A has already progressed through five sub-waves, and Solana is now within Wave B, potentially moving toward a 0.50.61 Fibonacci level of retracement, which is put at around $200. The increase toward this level may be temporary, though, since Wave C can see the prices dipping even below $90, according to past patterns and market activity.
This possible correction does not preclude the likelihood of overall altcoin season dynamics, especially for underperforming tokens. It could, nonetheless, indicate a tactical opportunity to switch from overpriced assets such as Solana into more undervalued cryptocurrency assets.
Solana Gets 5x Faster on Coinbase
In an important development that may have an impact on sentiment across the market, Coinbase has made an important infrastructure upgrade to Solana, leading to tremendous performance gains. The exchange claims to have boosted block processing speeds by five times, as well as RPC responsiveness by four times.
These upgrades provide concrete advantages to both users and developers. Low-latency, high-reliability applications that require immediate response are poised to perform significantly better on the Solana network through Coinbase.
In addition to speed, the upgrade enhances system resilience by introducing better failovers and liquidity management, providing more fluid operations even at high levels of activity. The decision reinforces Coinbases support for scalable blockchain solutions and may offer the foundation for Solanas next stage of development.
Read more: https://www.tronweekly.com/solana-price-analysis-will-sol-hit-200-before-a-major-crash/
Text source: TronWeekly
