Is SOL Headed for a Further Decline?
According to a popular trader named Bluntz, Solana’s price may experience another drop in the coming weeks. Bluntz believes that SOL has formed a pattern called the “B wave triangle” in the Elliott Wave Theory, indicating a period of consolidation before a significant move. Despite the potential decrease, Bluntz sees it as a buying opportunity, with “max bidding” starting at the “low 70s” price level.
In addition to Bluntz’s prediction, other users have shared their thoughts on SOL’s future. Ali predicts a rally towards $163 if the asset surpasses the resistance level of $110, while JAKE is even more bullish, setting a target of $750 per coin due to Solana’s strong ecosystem.
Taking a Closer Look at Some On-Chain Metrics
Solana’s recent price correction aligns with a decline in its on-chain trading volume. Over the past three days, the trading volume has dropped below $700 million, significantly lower than its peak of over $2.6 billion in December. The total volume locked (TVL) on Solana has also decreased since the beginning of 2024, likely due to users unlocking assets to de-risk.
However, there is positive news in terms of NFT sales volume on Solana. The past week has seen an increase of nearly $70 million (55%) in NFT sales volume and a $10 million (9%) rise on a 24-hour scale. Although Ethereum remains the leader with $110 million generated in the last seven days, Solana is catching up with a higher growth rate.
Hot Take: Solana’s Price Predictions and On-Chain Metrics
The crypto community has mixed opinions on Solana’s future price trajectory. While Bluntz predicts a further decline and sees it as a buying opportunity, others like Ali and JAKE have more bullish predictions for SOL. It remains to be seen how the market will react to these different viewpoints.
On the on-chain side, Solana’s trading volume has decreased, potentially due to the recent price correction. However, the platform has seen positive growth in NFT sales volume, indicating continued interest and activity in that space. The overall performance of Solana will depend on various factors, including market sentiment and the adoption of its ecosystem.
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