Market analyst More Crypto Online reports that despite observing a downturn in Solana on January 9, the possibility of wave five remains a viable scenario.
In a recent video, the analyst recommends that investors inquire whether we are currently experiencing the conclusion of the third wave or if it is still underway. More Crypto Online responds by noting the difficulty in making a definitive statement, citing the absence of a market breakthrough above the descending line. As a result, the potential for a downtrend into wave 4 remains a plausible scenario.
When evaluating different assets, the analyst underscores Bitcoin’s impressive performance. However, the focus shifts to Solana (SOL), which is currently in a holding pattern. Despite this, the anticipation for wave 5 remains a key consideration, with analysts still expecting it as the primary scenario.
Drawing attention to another significant discovery, the analyst observes that on the charts, the price of SOL is being compressed into the apex of a potential triangle. However, it’s important to note that this isn’t a conventional triangle, and as such, it doesn’t automatically indicate a trend continuation higher. The analyst suggests that the peculiar shape implies investors are anticipating a breakout, which could potentially lead to a downtrend in the support area.
The analyst asserts, “As long as pullbacks remain corrective,” indicating that there is a possibility of another upward movement. As of the current writing, Solana is positioned at $100.21, reflecting a 5.8% gain in the last 24 hours.
