unable to connect to adb.check the event log for a possible issue, verify that localhost entry is pointing to 127.0.0.1 or:: 1 for ipv4 or ipv6
I was also facing this issue in android Studio 3.4 version, but now I have fixed it , if you are using windows then follow these steps:
Download Platform tools from here https://dl.google.com/android/repository/platform-tools_r26.0.0-windows.zip
Extract downloaded zip file
Go To location "C:\Users\your_computer_user_name\AppData\Local\Android\Sdk" and Delete "Platform tools" folder
Copy and Paste, downloaded platform tool folder to above location
Now Go to your android studio and Rebuild your project Then run.