TL;DR
- SOL rose 10% for the week, with analysts divided on its future: some predicting a rise above $113, while others predict a decline to the lows of $70.
- Solana-based meme coins including Wen (WEN), Bonk Inu (BONK), and dogwifhat (WIF) have seen significant increases, with WEN reaching an all-time high after a recent airdrop.
Could SOL break above $110?
Solana's SOL is among the few top cryptocurrencies whose price has been in the green over the past week. Currently, it is trading at around $98 (according to CoinGecko data), which represents a 10% increase on a seven-day scale.
Some experts believe that the token could be ready for another rally, with popular X (Twitter) user Ali being one example.
He present a chart in which SOL appears to be “exiting” from a certain descending parallel channel. The analyst claimed that staying above the $94 mark could lead to price appreciation towards $113.
User X Bluntz also contributed recently, while outlining a more bearish future for the asset. The analyst believes SOL has charted a specific trajectory called the “B-wave triangle,” indicating a possible fall into the “low 70s.”
The pattern is one of the stages of Elliott Wave Theory and occurs during the correction phase. In the “B-wave triangle,” the value of a certain cryptocurrency creates a series of lower highs and lower lows and suggests a period of consolidation before making a significant move in any direction.
However, Bluntz remains unfazed by a possible recession, seeing it as an opportunity to buy the dip. Those curious to explore other SOL forecasts can take a look at our dedicated video below:
Solana Meme pieces are in the spotlight
SOL might have increased by “only” 10% over the past week, but some Solana-based meme coins have recently made headlines with astronomical increases. The latest sensation appears to be Wen (WEN), who flew to an all-time high today (January 29) following an airdrop from decentralized exchange Jupiter.
Bonk Inu (BONK) and dogwifhat (WIF) also saw some success, with their prices reaching record highs after Advertisement on major cryptocurrency exchanges, such as Binance.
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