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The Solana price gained 4% over the past 24 hours to trade at $65.56 as of 11:40 am EST.
One trader believes that SOL is poised for a much more explosive rise.
Possible Breakout For Solana Price
i think $SOL is about to rip again.
most important chart ive been tracking is solbtc and looks like a nice clean abc done with 5 subwaves within the C.
USD pair is about to rip another 40% or so again in the coming days imo.
trading sol on bybit 👇https://t.co/zHX9WYRMOM pic.twitter.com/voaAoIfAdP
— Bluntz (@Bluntz_Capital) December 6, 2023
The popular trader, who goes by the pseudonym Bluntz on X, predicted in a post viewed by his 230,500 followers that the Solana price “is about to rip again.”
The trader says that a bullish setup has emerged on the SOL/BTC chart. Backing his analysis with the Elliott Wave Theory, the trader believes the altcoin could record a gain of over 40%. This bold prediction comes even after the altcoin recorded triple-digit gains since the beginning of this year.
Short-Term Bullish Setup Emerges On SOL’s Chart
Daily chart for SOL/USDT (Source: TradingView)
An ascending triangle has emerged on the daily chart for SOL after the altcoin printed a series of higher lows over the past 2 weeks. This specific pattern is bullish and suggests that the Solana price may enter into an upward move soon.
Should this bullish thesis be validated, the cryptocurrency may attempt to break above the base of the pattern at $70.
A daily close above this level will clear a pathway for the Solana price to rise to the next key level in the following few days. This could lead to a challenge of the $100 barrier in the short term for as long as SOL remains above the hypotenuse of the triangle pattern
A daily candle close below the hypotenuse may invalidate the bullish thesis. In this more bearish scenario, the Solana price may be at risk of plummeting to the key support level of $49.65. Once its value falls to this level, continued sell pressure could drag SOL down further to the next significant mark at $40.
Traders May Begin To Boost Solana’s Price
Throughout the past 24 hours, the Relative Strength Index (RSI) line rebounded from the RSI Simple Moving Average (SMA) line. Traders may identify this bounce off of the SMA line as a trade entry, which could boost the Solana price.
A potential confirmation of this bullish thesis may be when the Moving Average Convergence Divergence (MACD) line crosses above the MACD Signal line. The intersection of these two technical indicators could indicate a continuation of SOL’s positive trend.
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