The cryptocurrency market started the new year fast. However, he had difficulties maintaining this. With the Spot Bitcoin ETF hype over, the market was hit by sharp sales. Solana, the rival of the leading altcoin Ethereum, impressed with its performance during the rise that started in November last year. However, as January drew to a close, that story changed. While Solana is losing ground, three popular analysts are pointing lower for SOL.
Bluntz: SOL will dive to $70 before rising to $110!
cryptokoin.comAs you follow from , Solana attracted attention during the last bull run, albeit for a short time. Even meme coins in its ecosystem have witnessed tremendous increases. SOL made a tremendous run from the $25 levels to above $120. However, with the new year, this story began to fade. Now 3 leading analysts are predicting that Solana will head for much lower prices before regaining its bullish momentum.
Crypto analyst pseudonymous Bluntz says the SOL reflects the price action of late 2018, when Bitcoin (BTC) crashed before witnessing a parabolic rise. According to the analyst, SOL broke below the support of a triangle formation. Thus, it is currently moving towards its downside price target. In this context, the analyst points out the following level for the altcoin:
The real ones remember. Maybe we’ll see a final outburst, or maybe it’ll explode directly towards support from here, I’m not sure. All I know is that if we go below $70, I will put a maximum bid on SOL.
According to his chart, the analyst predicts that SOL will rise above $110 after bouncing from $70. This means that it will see an increase of more than 50% with this move.
Pentoshi also expects a dive to $70 for the altcoin
Meanwhile, another popular analyst, Pentoshi, also has similar views on Solana as Bluntz. The analyst predicts that SOL will revisit its support at $70.
According to its chart, Pentoshi also predicts that SOL will bounce after correcting around $70.
Altcoin Sherpa plans to enter SOL at $70
Finally, Altcoin Sherpa says he expects SOL to fall to the 0.50 Fibonacci retracement level. In this regard, the analyst said, “SOL: $70 seems like a pretty good price to enter Solana.” says.
Meanwhile, Solana was trading flat on a daily basis at $86.7 at the time of writing. SOL saw a decline of around 11% on its weekly chart and 30% on its monthly chart. However, it is up over 267% on its annual chart.
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