The 9.20 and 50 EMA lines for this altcoin indicate the continuation of the bullish trend. The analyst believes that the altcoin price will drop.
Analyst says Altcoin price will decline
According to CoinMarketCap, the price of Solana (SOL) attempted a comeback last month and has risen more than 146% in the last 30 days. This is after the all-time high of $259.90 (ATH) to $8.00.
At press time, the price of the recovering Ethereum killer project is down 2.37%, currently trading at $24.60. Also, SOL weakened by 1.52% and 2.64% against BTC and ETH, respectively. Looking at the daily chart of SOL, the price managed to climb above the $18.80 resistance and then turned the level to support. Later, SOL’s price moved towards the $23.90 resistance level, where it faced overwhelming selling pressure, causing its price to drop to the $20.82 support.
The price of SOL then bounced off the support level and entered its final rally, which resulted in the altcoin price breaking the resistance at $23.90. The daily chart for the SOL still looks bullish from the technical indicator perspective as the 9-day EMA line is positioned above the 20-day EMA and the 20-day EMA is positioned above the 50-day EMA.
Crypto Twitter user Bluntz (@SmartContracter) tweeted a bit of a downvote for SOL. The analyst said in a tweet today that he “expects a deeper drop” for the SOL price for the rest of the week. However, Bluntz said that the price of SOL could likely catch another 10% increase before the decline occurs.
The analyst had had successful predictions
cryptocoin.com As we have also reported, the analyst named Smart Contracter has come to the forefront with his successful predictions before. As we mentioned, the analyst also predicted that the level of $ 3,200 in 2020 and Bitcoin, which gained momentum towards the end of 2020, will rally. He then predicted that by 2021, BTC would exceed the $23,000 level.
Moving from Solana to Polygon
Polygon announced that it is collaborating with Web3 game development platform Xternity to bring the Synergy Land game from Solana to Polygon.
Ethereum Layer-2 scaling solution Polygon has announced that it is collaborating with Web3 game development platform Xternity to bring a multiplayer Web3 game called Synergy Land from Solana to the Polygon network.
Solana primarily focuses on scalability and cost reduction, while Polygon allows for seamless interaction with the Ethereum ecosystem. However, Xternity has also proposed a process for transferring Synergy Land resources to the Ethereum Virtual Machine (EVM) chain, which can be used to move games or projects between chains via a network migration tool.
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