Elliott Wave Price Analysis: Solana–the Fastest Growing Dev Ecosystem 

  • 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. 

SOL/USDT Elliott Wave Price Chart (Source: TradingView)

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.

Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.