- Solana (SOL) approaching an essential support zone as it finishes Elliott Wave.
- SOL has experienced a zig-zag correction from all-time highs.
As Solana (SOL) finishes a significant Elliott wave pattern, it is approaching an essential support zone. According to CoinMarketCap, the price of Solana (SOL) is trading at $21.31 with a 24-hour trading volume of $656,699,353 at the time of writing.
Solana (SOL) has experienced a zig-zag correction from all-time highs. This three-wave pattern is referred to as ABC in the technical world because it is a five-three structure. Waves A and C are divided into five waves, either impulses or diagonals. While wave B can have any corrective structure.
Currently, it has completed a five-wave cycle of the lower degree and is currently in the final stage of wave C. Added to this, currently the final subwave (5) of C is expected to terminate around strong $21 support.
Technically, $21 support is so intriguing because of its technical characteristics. Moreover, in 2021, Solana finished wave 4 correction right around that $260 level. More so, this level is now ideal support for an uptrend.
Furthermore, as per the above chart wave C and $260 level also comes exactly at 61% Fibo. extension of wave A.
Solana – Fastest Growing Developer Ecosystem
Evenmore, Solana on its official Twitter account stated that it is the fastest-growing developer platform as per Electric Capital’s Developer Report.
In addition, the report which seeks to quantify the developer activity within the Web 3 space. Notably, Solana is the fastest-growing blockchain which surpasses over 2K+ total developers in 2022.