Over the last 24 hours, the crypto market has been volatile. Neither the bears have been able to drag the market down nor the bulls have been able to pull off a rally. BTC struggles around $49K and ETH is struggling around $3.9K as it has been for a month now.
The SOL/USDT pair is currently testing the 186.61 resistance level. If this level is broken, the bulls will be able to target 197.52. Additional price targets to the north of this level are 219.21 and 234.76. The all-time high for this pair is 259.90, set on November 6th.
Failure to overcome the 186.61 resistance, on the other hand, permits the 168.46 support to enter the picture as a potential target to the south. If the price continues to decline from this point. Additional negative objectives might be 150.24 and 129.87.
SOL has hit its bottom
Smart Contracter, a crypto expert, informs his Twitter followers that SOL has already reached bottom, and that following a significant decline from its all-time high of $259.96, he expects smart contract platform Solana to restart its ascent.
SOL is, in his opinion is attempting to form a bottom here, with a good clean three-wave move down from the highs on a daily basis.
Smart Contracter is using the Elliott Wave theory.SOL has completed its wave-two corrective phase, according to the analyst’s chart, and is now positioned to launch a big wave-three rebound.
Solana is also being looked at in its Bitcoin pair (SOL/BTC) by the crypto strategist. SOL/BTC is preparing to unleash the fifth and final wave of its rally, according to Smart Contracter.
“I’m excited to jump back in after a 43 percent decline from peak to trough with an all-time high anticipation.”