Solana price could rally to $150, but traders should be careful – FXStreet
Solana price has rallied 9% during today’s trading hours. All signals point to more upside, but traders should be cautious as pricer higher could be "the cherry on top."
Solana price has been an exciting cryptocurrency amongst traders this week. As early as March 15th, Elliot Wave analysts forecast a 40% rally bull rally to commence following the triangle consolidation. It was mentioned in this week’s bullish thesis that Solana price would likely experience resistance in the $122 zone post triangle breakout. Earlier today, Solana price completely breached the expected resistance level, printing a large bullish engulfing candle on the 6-hour chart.
Solana price now trades at $134. When reanalyzing the triangle structure, the 40% rally may be fully actualized already, as one can count a completed impulse wave into the new $134 high. Thus traders should approach the current SOL price with caution. Overzealous bulls are still likely to be aiming for $150, and the target can still be reached.
SOL/USDT 6-Hour Chart
Invalidation of the bullish momentum would lie below the broken resistance level at $117.39. If $117.39 were to get breached, the bears could begin collecting liquidity at $106 and $98, resulting in a 25% dip from the current Solana price.
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Ethereum Classic price shows the first impulse move up. Fractal Wave Theory has been implemented to outline a conservative wave five outlook. Targets could extend but should target 42 and possibly $47.50. Invalidation of the uptrend bias is a breach of $28.
Solana continues to face resistance, yet the bears cannot make much profit from suppressing the price. SOL price shows extreme turbulence to start the month of August. The bears have been unable to conquer any grounds as the price continues to hover in $40 zone.
MATIC rice has been one of the best performers in the crypto space. The technicals suggest one more wave up towards $1.20 is a high probability, but a decline towards $0.69 remains in the cards. Invalidation of the uptrend should remain at 0.54.
Bitcoin currently trades at $22,970 as the bearish divergence that manifested on July 29 prompts day traders to open short positions. Still, despite the clear double top pattern on the RSI on the daily chart, something doesn’t feel right about shorting the price just yet.
Bitcoin has overcome the 200-week SMA and 30-day EMA, denoting a major surge in bullish momentum. As a result, BTC could revisit anywhere from $25,000 to $30,000 soon. A daily candlestick close below 200 four-hour SMA at $21,117 will invalidate this bullish thesis.
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August 2, 2022 at 08:02PM