Posted 11/28/2023, 3:31:29 PM
Solana Pulls Back From New Highs After 5-Week Run, But Bullish Outlook Intact
- Solana (SOL) price created a bearish weekly candlestick after 5 successive weekly gains, reaching a new yearly high of $68.20
- Even with the pullback, SOL still trades above a key horizontal support level around $48
- According to Elliott Wave theory analysis, SOL may be in a correction (wave 4) before resuming its uptrend in wave 5 towards $86
- The Solana Foundation holding an AMA and community event at Art Basel are potentially bullish catalysts
- A daily close below $48 would invalidate the bullish outlook, with SOL then at risk of a 50% drop to around $28