Although the Solana coin price began to rise in February, it was not as affected by the late-spring fall as ETH as well as BTC.
Following a relatively sluggish climb in June and July, its value burst through in mid-August as well as kept growing till mid-September.
Experts believe that by 2022, SOL prices will be steadier, reaching $300 or perhaps exceeding $400.
The crypto should be on a (blue) Primary IV wave right now. The one-point lower fourth wave (black major-4) dipped in September, just near the 50% retracement of the previous major-3 wave. As a result, it is reasonable to predict that Primary-IV will retrace in the same manner as Major-4. SOL has recently dropped in the upper portion of the (blue) target zone box.
So far, everything is going swimmingly. However, 4th waves are frequently complicated, with at least two lower waves as well as one counter-trend rally in between (a, b, c).
Can the rally to this week’s high of $204.79 be (black) major-b? Alternatively, it might aim for a further leg higher to $220-240 prior to actually the following leg lower (wave-c) beginning. To validate this second alternative, the cryptocurrency must end over the 10-week Simple Moving Average (SMA), which is currently resistant. Closure under the 20-week SMA initiates a more direct downward drive.
As a result of the 4th wave, the present price action and route ahead over the upcoming couple of weeks are uncertain. In any case, I anticipate SOL to bottom approximately $100-130 for Primary wave IV prior to wave V taking root and rising to $350+.
Considering that Primary-II ran from August to December 2020, I anticipate that Primary-IV will take a couple of extra months before concluding in early 2022. Primary V must then persist for several months. When it expires later in 2022, SOL will enter a long-term (years-long) bear market. However, for the time being, the focus is on completing Primary IV and setting sail for Primary V.