Solana Price Faces Crucial $100 Resistance After Breakout
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Solana (SOL) price broke out from a corrective pattern after reaching a 2023 high of $126 on Dec 25 and then correcting downwards in a channel.
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Yesterday, SOL broke out upwards from this channel after a Solana DEX reached $250M in volume. However, SOL has not increased significantly yet after the breakout.
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Some analysts are bullish on SOL's future trend, predicting a move up to $150+. However, the Elliott Wave price analysis does not yet confirm if the upward move has started.
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The reaction to the $100 resistance area will be key in determining if SOL continues upwards to $155 or drops 25% to $72.
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SOL needs to break out above $100 to trigger further upside. If rejected, a drop to complete the corrective pattern is likely.