Solana (SOL) is at a tipping point, and its growth might record some negative twists before its mega rally comes in, with projections of a drop to $70.
Solana ranked as one of the top-performing coins from 2023. However, the bearish trends this year have made it pare off some of the gains it accrued over the past few months.
At the time of writing, Solana is changing hands for $88.03, up by 0.48% in 24 hours with a market capitalization of $38,130,661,227.
Commenting on its latest outlook, top trader Bluntz (@Bluntz_Capital) highlighted how a bearish correction might lie in wait for Solana. However, he pointed out that imminently, an uptick might be recorded to take the coin to its highest price level in over a year.
Intriguing Solana Chart Reveal
According to Bluntz, Solana appears to have printed a B wave triangle with sideways movement in the past week. With the uncertainty carved out from these moves, he posited that his interest is fixated on the low around the $70 support zone.
Notably, since the reboot in Solana’s price performance over the past year and the accompanying bearish twist, it has not dropped below the $80 range since at least December 21, 2023.
Identifying the $70s level is a worst-case scenario which, if it eventually happens, might mark the point where many will start ‘bidding’ to accumulate the coin.
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With the high likelihood that Solana will pick up bound and rebound from the $70s levels, Bluntz is anticipating a rally to $150. This bullish projection could mark the coin’s best price since January 7, 2022.
Solana Ecosystem Growth Setting the Stage
There are only a few crypto projects like Solana with better real-world utilities. These use cases are likely to increase the demand for SOL soon, setting the stage for a potential surge in the price of the coin.
From the successful Solana Mobile Saga to the explosive growth in its memecoin ecosystem, Solana is building a synergistic and self-sufficient economy that might benefit the majority of its early supporters. Notably, firms like VanEck believe in the coin’s potential, forecasting its price might touch $3211 by 2030
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Source: https://thecryptobasic.com/2024/01/26/analyst-tips-solana-to-fall-to-70-before-big-rally/?utm_source=rss&utm_medium=rss&utm_campaign=analyst-tips-solana-to-fall-to-70-before-big-rally