Solana blockchain’s native token, SOL, saw a significant rise from approximately $20 late in 2023 to as high as $200 earlier in 2024. Despite a recent price drop, it remains a 794% increase in year-to-date (YTD). Currently, Solana’s price is trading at $144.5, reflecting a 10% increase with a market cap of $67 billion.
Evai CEO Matthew Dixon expects Solana to resume its rally soon, potentially taking its price to around $188. However, it first needs to overcome a short-term correction.
Matthew Dixon, CEO of Evai, has suggested that Solana (SOL) is likely to resume its upward trajectory soon. In a recent tweet, Dixon indicated that Solana’s current price movement resembles a five-wave impulse heading upwards, followed by an ABC correction in the second wave.
Dixon believes that Solana might experience a brief dip around the ABC correction phase, which will help stabilize the market by eliminating short sellers. This correction is expected to form a robust support level of around $144. Once this support is established, Dixon predicts Solana’s price to rally toward $188.
Today’s Personal Consumption Expenditures (PCE) numbers will play a crucial role in Solana’s progress. The PCE Price Index, which is the U.S. Federal Reserve’s preferred measure of inflation, is set to be released by the U.S. Bureau of Economic Analysis at 12:30 GMT.
The core PCE Price Index is projected to rise by 0.1% month-over-month and 2.6% year-over-year. However, Dixon believes PCE numbers will play a crucial role in Solana’s progress.
Solana is currently trading above $144 and the 100-hourly simple moving average. On the SOL/USD hourly chart, there’s a bullish trend line forming with support at $142, close to the 50% Fibonacci retracement level from the recent move between $138 and $151.
If the price continues to rise, it could face resistance around $150, with a stronger barrier near $152.
Conversely, if SOL fails to break above $152, it might start a correction. Initial support lies near $145, and a drop below $140 could push it towards $128 in the short term.
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