Solana made a bullish breakout, leaving the correction pattern. During the daily timeframe, on December 25, the Solana price peaked in 2023, reaching $126, and then began to decline within the descending parallel channel. As a result, on January 23, 2024, the token reached a minimum of $78. Since then, SOL has started to recover, although a bullish breakout from the channel was noticed yesterday, however, no significant growth has yet occurred.

Interesting signals also come from the daily RSI. Last week, the index fell below the neutral level of 50 for the first time since the beginning of the upward movement in September 2023. Although the indicator returned above 50, it did not confirm the growth, which is important for the future trend.

Analysts are also optimistic about Solana. Bluntz Capital believes that SOL has completed the fourth sub-wave and expects the next bullish move towards $150. Similar opinions are expressed by CryptoMichNL, which is preparing for the continuation of the upward movement of Solana in the direction of $ 140 after a period of consolidation.

However, Elliott wave analysis does not determine the direction of the trend. The SOL price is in the fourth wave of a five-wave upward movement, but it is unclear whether it is completed or not. A break above $100 could trigger a 60 percent rise to the next resistance at $155, while a rebound from this level could lead to a 25% drop to complete the fourth wave near the Fibo 0.5 correction level at $72.