Potential Plummet: SOL Price Forecast Turns Bearish, Prepare for $30 or Lower

Potential Plummet: SOL Price Forecast Turns Bearish, Prepare for $30 or Lower

Solana’s Solid Performance in Cryptocurrency

If you’ve been keeping an eye on the digital currency market, you’ve likely noticed the impressive uptrend of Solana (SOL). Regardless of a slight 3.6% dip in SOL’s price in the previous day, the native token of this blockchain platform has seen a remarkable 43% surge in the previous two weeks. Nonetheless, there are signs that these gains might be at risk, as SOL’s price could be on the verge of a whole lot of decline.

Solana (SOL) Price Vulnerable To Whole lot of Fall, $30 In Sight

Analyst Ali Martinez has pointed out some probable challenges ahead for SOL. Martinez highlighted the TD Sequential indicator, which as of now signals a sell point on SOL’s weekly chart. This indicator, developed by market technician Thomas DeMark, identifies probable trend reversals or exhaustion points in price movements based on specific criteria.

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If the bearish formation depicted by the TD Sequential indicator is confirmed, it might lead to a downward swing for SOL’s price, possibly pushing it towards $45 or even dipping as low as $30.

Solana (SOL) Defies Correction Worries

Regardless of the likelihood of a price correction, Solana (SOL) has shown impressive growth in numerous fundamental metrics. SOL’s circulating supply has increased by 138.78%, while the fully diluted market cap has grown by 134.29%. Revenue, transaction fees, daily active users, and active core developers have likewise experienced substantial growth rates.

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SOL price

As of now, Solana (SOL) is currently worth $58, with the next level of support at $55, which will be critical to the token’s prospects.

Hot Take: What’s Next for SOL?

Although while Solana’s remarkable growth in numerous metrics is impressive, the  capacity for a whole lot of price correction based on technical indicators may cause concern for investors. Keeping a close eye on SOL’s price movements and market trends will be critical in determining the token’s future in the digital currency space.

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