In terms of waves, we are merely in Wave 1. The most move will likely come in Wave 3. Within Wave 1, now we are in about Wave 1.5. As the testnet will come online on 4 Dec, I expect this leg to continue as least till 3 Dec. I think $3 is possible.
In terms of channel, as the chart shows, today's growth broke the upward channel. Against the very news as the general context, I think it will remain above the channel until around 4 Dec, at which time it will probably take a small correction to touch the lower of the channel.