Analyst Tells Investors To Be Patient As Solana Price Hits Resistance

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

Just like the rest of the market, the Solana price had previously hit a roadblock as resistance mounted. This stopped its recovery dead in its tracks before hitting the $180 level, and triggering a downward spiral. However, a crypto analyst has cautioned investors against panicking during this time, explaining that this is the time to be patient.

Wait For More Defined Trends

In a TradingView post, crypto analyst SiDec explained the current situation surrounding the Solana price, warning investors to not be in a hurry to enter into the coin. They points out that at this level, where the Solana price has hit resistance, it presents a lot of risk for those rushing to get into the market.

As explained, $175-$183 are historical resistance zones for the altcoin, so it is no surprise that investors are choosing these levels to exit after the recent market dump. Additionally, smart money is also looking for liquidity at these levels, and the Solana price is prone to false breakouts due to this development.

When it comes to trading Solana, the crypto analyst explains that investors must wait for one of two things to happen. Either there is a pullback in the Solana price and it falls toward a “confluence-rich support zone” or wait for a clean breakout above the resistance at $183, as well as a retest and confirmation.

Solana price

With the current trend, the analyst identified the two key zones for the Solana price now. The first lies at $179.85, which was recently tested, and then $180.52, which is yet to be tested. The latter, at $180.52, holds the key as a break above this level would be the confirmation needed for a strong bullish continuation.

Solana Price Completes Elliot Wave Count

Another interesting development for the Solana price that the crypto analyst points out is the fact that the altcoin has completed a 5-wave sequence. The Elliot Wave Theory comes in only five waves and with the completion, it could mean that the bull rally is over for the Solana price. The next thing that could happen from here is that the price continues to correct, before confirmation leads to a bullish continuation.

The formation of the Fib Speed Fan pattern, as pointed out by the analyst, also suggests that the price could correct further from here. “The 0.618 Fib Speed Fan — drawn from the all-time high at $295.83 to the swing low at $95.26 — aligns perfectly with this resistance zone, adding more weight to the idea of a potential rejection or pause,” the analyst wrote.

Given these developments, the crypto analyst has preferred possible entry points for long ad short positions. For bulls going long, the $165.42-$164.25 level could offer opportunity. While for short traders, the best setup shows a reversal play and entry at $200.

Solana price chart from TradingView.com

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Meme Coins Price Prediction: DOGE, SHIB, and PEPE rise as broader crypto market recoversMeme coins Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) register a bright start to the week, concurrent with the broader cryptocurrency market recovery.
Author  FXStreet
8 hours ago
Meme coins Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) register a bright start to the week, concurrent with the broader cryptocurrency market recovery.
placeholder
Bitcoin Price Forecast: BTC recovers above $107,000, yet Israel-Iran conflict clouds bullish outlookBitcoin (BTC) is showing signs of recovery during the European trading session on Monday, climbing above $107,000 after a slight correction last week.
Author  FXStreet
8 hours ago
Bitcoin (BTC) is showing signs of recovery during the European trading session on Monday, climbing above $107,000 after a slight correction last week.
placeholder
3 US Economic Indicators With Crypto Implications This WeekFollowing the Bureau of Labor Statistics’ (BLS) report on the US CPI (Consumer Price Index) last week, crypto traders and investors are still monitoring the country’s economic calendar.
Author  Beincrypto
9 hours ago
Following the Bureau of Labor Statistics’ (BLS) report on the US CPI (Consumer Price Index) last week, crypto traders and investors are still monitoring the country’s economic calendar.
placeholder
Trump Organization Announcement Incoming — Will TRUMP Rebound?On June 11, the Trump Organization teased an upcoming announcement on X, sparking speculation across the market. Many in the crypto community believe the announcement could be related to the WLFI token launch.
Author  FXStreet
12 hours ago
On June 11, the Trump Organization teased an upcoming announcement on X, sparking speculation across the market. Many in the crypto community believe the announcement could be related to the WLFI token launch.
placeholder
Dogecoin Price Prediction: Profit-taking in DOGE hits monthly high, raising the risk of a crashDogecoin price hovers below its key weekly level of $0.18, signaling waning bullish momentum.
Author  FXStreet
13 hours ago
Dogecoin price hovers below its key weekly level of $0.18, signaling waning bullish momentum.
Real-time Quote