Solana (SOL) Could Experience a Further Price Correction
Several analysts have weighed in on the future of Solana (SOL) and predict that the crypto token could undergo a price correction. This correction is seen as overdue after SOL’s significant rise in 2023, where it gained almost 1,000%. The analysts suggest that SOL could drop to as low as $70, signaling a potential downside move.
Bluntz Capital’s Prediction: SOL Could Drop to $70
Crypto analyst Bluntz Capital shared his prediction in a post on X (formerly Twitter). He analyzed SOL’s price movement using the ABC pattern and identified a potential C wave down to $70. Bluntz mentioned that he would be “max bidding SOL” if it reaches this price level, anticipating an upward move after the correction.
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Bitunix’s Analysis: More Downside Ahead for SOL
Professional Crypto Derivative Exchange Bitunix highlighted how SOL has broken out of its triangle pattern, indicating further downside. They predict an initial fall to $76 and if the support at that level doesn’t hold, a decline to $65 may occur.
LuxAlgo Suggests a Steeper Drop for Solana
Technical analyst LuxAlgo also hinted at a price decline to $76 based on their chart analysis. They noted that Solana had already broken its lows and raised the possibility of a steeper drop in the near future.
Tryrex Crypto Bets on a Crash to $71
Crypto analyst Tryrex Crypto stated that they are betting on a crash back to $71 for SOL. They express skepticism about opening long positions at the current support level, considering the previous bounce was too weak to maintain the trend.
The Possibility of SOL Reaching $150
Crypto analyst Ali Martinez previously predicted that Solana could rise to $150. However, SOL failed to close above the critical $106 level for this prediction to materialize. Despite this, Bluntz Capital’s prediction provides optimism that the $150 price level remains a possibility for SOL.
Hot Take: SOL Faces Potential Downside Correction
Based on several analysts’ predictions, Solana (SOL) could experience a further price correction after its significant rise in 2023. Analysts suggest that SOL may drop to as low as $70 or $76, with the possibility of a steeper decline. While some remain optimistic about SOL reaching $150, it is important to note that previous resistance levels have not been surpassed. As of now, SOL is trading at around $86, showing a 6% increase in the last 24 hours.
