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The original symbol in Solana extends to an impressive offer that has already carried a market leading between EVM smart contract platforms from $ 146 at the end of April to $ 18 in trading on Wednesday, which is the highest daily registered closure since mid -February.
On this background, independent analyst More Crypto Online (MCO) has released a new new Video update Clarify the reason that this step is “very full but not necessarily excessive or exaggerated.” In the clip, MCO reiterates that progress from April 30 swings is the low -off “pattern of five waves” and confirms that “because” there was no confirmed summit, it was likely that one of the most likely most likely was probably as long as this small supportive area kept. “The small area it indicated earlier in the week is between $ 159.67 and 168.23 dollars, the Solana Group has been tested shortly before running above.
Solana can rise to $ 360
The Elliott Wave Count for the channel now explains five clean waves, even as you call the “nano level”, which is composition, in the theory of classic wave, usually ends either the first wave rush or leg cut from a diagonal.
“If a five -wave step, the so -called wave can be,” the analyst explains, which “will lead to a wa wave, perfectly low higher, then the C wave.” The alternative – MCO’s favorite scenario – processes the structure as the 1st wave of the biggest motivation that can “easily reach $ 360 or higher”.
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For traders trying to calibrate the risk in the short term, MCO isolates two more important numbers. On the upper side, he naming $ 191.25 as “the next ups in watching”, describing it as a 61.8 percent extension of waves 1 and 3 – Vibonchi’s goal in a fifth -wave textbook.
On the downside, it warns that “it takes a break less than $ 172, which is the last low oscillation, to indicate that the highest prices have been formed in the wave 1.” In a pursuit of X, put it more brief: “The fifth wave has been confirmed to the upward trend. 191.25 dollars is the next ups in watching … It takes a break less than $ 172 … to indicate that the highest prices may be.”
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A clean, 191.25 dollar breaking break will confirm that the immediate corrective risks have been postponed; The decisive daily closure under $ 172 would instead indicate that the first station of the new progress has exhausted itself and that the decline is about 160 dollars or up to $ 150.
As always, traders should remember that Elliott-WAVE expectations are a possibility, not predictive. With the high volatility in Solana, the scaling of the sites – along with the clear plan for the individual technical levels in today’s analysis – raises the first defense line.
At the time of the press, Sol was traded at $ 180.
Distinctive image created with Dall.e, Chart from TradingView.com
The post Solana Price Rally Targets $360—But This Support Must Hold first appeared on Investorempires.com.
