- Solana price has rallied 9% since the last resistance level.
- SOL price displays one clear Elliott Wave impulse wave.
- Invalidation of the bullish momentum will be a break below $117.
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 target says, "don't get greedy"
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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