- SOL has risen 10% over the week, with analysts divided on its future: some predict an increase above $113, whereas others foresee a drop to the low $70s.
- Solana-based meme cash, together with Wen (WEN), Bonk Inu (BONK), and dogwifhat (WIF), have seen vital surges, with WEN hitting an all-time excessive after a current airdrop.
May SOL Bounce Above $110?
Solana’s SOL is among the many few main cryptocurrencies whose value has been within the inexperienced prior to now week. At present, it trades at round $98 (per CoinGecko’s information), representing a ten% enhance on a seven-day scale.
Some consultants consider the token may very well be poised for an additional rally, with the favored X (Twitter) person Ali being one instance.
He presented a chart during which SOL appears to be “breaking out” from a sure descending parallel channel. The analyst claimed that holding above the $94 mark may result in a value appreciation towards $113.
The X person Bluntz additionally chipped in just lately, though outlining a extra bearish future for the asset. The analyst thinks SOL has charted a selected trajectory known as the “B wave triangle,” indicating a potential plunge to the “low 70s.”
The sample is among the phases within the Elliott Wave Concept and happens in the course of the correction part. Within the “B wave triangle,” the worth of a sure cryptocurrency creates a sequence of decrease highs and better lows and suggests a interval of consolidation earlier than making a big transfer in any route.
Nonetheless, Bluntz stays unfazed by the potential stoop, seeing it as a buy-the-dip alternative. These curious to discover extra SOL forecasts can check out our devoted video under:
Solana Meme Cash are within the Highlight
SOL could be up “simply” 10% prior to now week, however some Solana-based meme cash have made the headlines with astronomical surges recently. The newest sensation appears to be Wen (WEN), which soared to an all-time excessive in the present day (January 29) following an airdrop from the decentralized alternate Jupiter.
Bonk Inu (BONK) and dogwifhat (WIF) have additionally been fairly profitable, with their costs peaking to file ranges after listings on main cryptocurrency exchanges, corresponding to Binance.