Analyst Raises Concerns About Solana’s Future, Predicts Significant Decline for SOL in the Upcoming Months – Here’s His Projected Price Target
A prominent analyst in the cryptocurrency industry is expressing caution about Solana (SOL), a competitor to Ethereum (ETH). Pseudonymous crypto strategist Pentoshi, who has a substantial following of 738,500 users on X social media platform, believes that SOL could experience a drop of over 40% in the coming months from its current price level. While acknowledging that his forecast may not be entirely accurate, he expects to see bids in the $70s range and is enthusiastic about both trading SOL and holding ecosystem coins for the next year.
According to the strategist’s chart analysis, Solana could potentially dip to approximately $70 by the end of March before recovering to around $90. At the time of writing, SOL is being traded at $99.64, representing a 13.27% increase in the past 24 hours.
In addition to Pentoshi, two other well-known crypto traders are also predicting a market correction for Solana. Altcoin Sherpa, a pseudonymous analyst with 204,900 followers on X social media platform, anticipates that Solana may drop to Fibonacci retracement levels of 0.382 at $84.50 or 0.50 at $71.67. Altcoin Sherpa considers these levels ideal for long-term entry points and has sold some of their SOL holdings at higher prices.
Furthermore, crypto strategist Rekt Capital, with a follower count of 385,700 on X social media platform, warns that SOL is precariously close to flipping a crucial support level at $98 into resistance. If this occurs, it could potentially result in a decline towards the $70 range. Rekt Capital also indicates that a weekly closing below the range low might initiate a breakdown process into the lower green area.
As always, it is important to exercise caution and conduct thorough research before making any investment decisions in the cryptocurrency market.