News Summary

• Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.The most likely wave count suggests that SOL is nearing the top of a five-wave upward movement (black) that began in June..
• In that case, the price could fall 35% to the closest support at 0.032 ETH.Despite this bearish SOL price prediction, a close above the all-time high region of 0.055 ETH will extend the rally..
• This raises the question: Can Solana flip Ethereum next year?Speaking to BeInCrypto, Julian Deschler, the Co-founder of Elusiv, discussed some of the reasons for the Solana price increase this year.Elusiv is a universal encryption layer for Web3, empowering the decentralized world..
• Rather, Ethereum outperformed Solana through the year’s first half, and the trend reversed in the second one..
• Numerous projects on Solana without tokens offer further potential for increased liquidity..
• Also, SOL gained prominence this year through major projects launching tokens via airdrops (BONK)..