Solana Price Drops by 3% in 24 Hours
The price of Solana (SOL) has dropped by 3%, currently trading at $59.54 with a decrease in daily trading volume by over 12%. Crypto strategist Altcoin Sherpa predicts that SOL, along with LINK and AVAX, will see a loss of gains before the next rally.
Many .382 fibs + 200 EMAs (4h) are coming up on some of the best coins. $LINK $SOL $AVAX
These areas + the .50 fib are the regions I’m eyeing
Expecting more of a grind down before any strong continuation. Would like to see grind down + consolidation to form a base + strong…
— Altcoin Sherpa (@AltcoinSherpa) November 27, 2023
According to Altcoin Sherpa, Solana’s price could potentially plunge 18% to $48.72.
Solana Price Forecast: Experts Predict Slow Grind Down
While Solana has experienced a weekly price increase of nearly 3% and a monthly increase of over 73%, experts like Altcoin Sherpa anticipate a correction in the near future. Weak buyer power is evident on the chart, suggesting a retest of critical support at $50 and a possible drop to the $42-$45 range before an upward price movement.
If Solana fails to break resistance or surge higher, a correction is likely. However, a positive development could change the course for the coin and help it maintain a position above the $60 resistance level. In the long term, SOL is expected to reach resistances at $100, $150, $200, and $250, potentially reaching a new all-time high, although this may not occur until early 2025.
Solana Price: Promising Alternative
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Hot Take: Potential Correction for Solana Price
The Solana price has experienced a drop in the last 24 hours, and experts predict a slow grind down with a potential correction to the mid-$40 level. While there is the possibility of a positive development turning things around for the coin, it is at a crucial decision point and may experience a correction if it fails to break resistance or surge higher. Additionally, BTCMTX offers a promising alternative for those interested in mining Bitcoin with its cloud mining platform. However, users should exercise caution when using cloud mining platforms and consider transparency and decentralization.
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