• SOL consolidates in Wave (4), preparing for a potential rally ahead.
  • Analysts predict SOL’s price could surge to $400-$600 after this phase.
  • Elliott Wave Theory supports optimism, suggesting further growth in the next wave.

Solana (SOL) seems to have wrapped up the strong Wave (3) and is now consolidating or ranging in Wave (4). Now, analysts predict SOL’s price will trade between $100 and $200 for a few months before rising to new highs— between $400 and $600. This projection aligns with Elliott Wave Theory, a technical approach that maps market movements through clear, repetitive wave patterns.

$SOL Medium term scenario

I think #Solana finished the motive Wave (3) and now it’s in the corrective Wave (4)

I’m expecting consolidation between $100-200 for a couple of months.

After that #SOL should break out to a new ATH 📍 $400-600 – final Wave (5) pic.twitter.com/dmpCJxRr3D

— CryptoBullet (@CryptoBullet1) April 17, 2024

Understanding Elliott Waves: A Roadmap for Solana

Elliott Wave Theory breaks down market trends into impulse and corrective waves. The impulse waves (1, 3, and 5) drive the main trend, while Waves 2 and 4 act as corrections. Wave (1) shows that the previous trend has ended, sparking excitement.

Wave (2) then brings the first dip, as early traders sell to take profits, causing prices to drop. Yet, this drop never erases the gains from Wave (1). Wave (3) is usually the longest and strongest. Public interest peaks, leading to a sharp rally.

This is when the underlying asset draws attention and surges higher. But even the strongest rallies have limits. That brings us to Wave (4), where traders take profits, causing a mild pullback. However, the dip tends to be shallow as optimism around Solana remains strong.

Solana’s Path Forward: Wave (5) and Beyond

Wave (5) typically brings the next major rally, which could push Solana to a range of $400-600. During this phase, hype and overconfidence drive the market. New buyers flood in, often without much caution.

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This wave can create a euphoric surge, fueled by excitement and FOMO . However, once the thrill fades and buying dries up, Solana could enter a new cycle of correction. Meanwhile, the big question now is whether Wave (4) will pave the way for a breakout.

For traders, this phase (Wave 5) demands patience and smart positioning. According to Elliott Wave theory, Solana’s ascent isn’t over yet for now. With new highs on the horizon, the excitement is just beginning.

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