Trio of Crypto Experts Express Bearish Sentiment Towards Solana, Unanimously Agree on Downside Price Target for SOL
A group of three cryptocurrency analysts have recently shared their bearish outlook on the smart contract platform Solana (SOL), all agreeing on a downside price target for the cryptocurrency.
One of the analysts, known online as Bluntz, suggests that SOL is displaying similar price patterns to Bitcoin in late 2018, when it experienced a significant drop followed by a parabolic surge. Bluntz believes that SOL has already broken below a triangle pattern and is now on its way to hit his projected downside target.
Another prominent trader, Pentoshi, shares a similar sentiment, stating that he expects SOL to revisit its support level at $70. According to Pentoshi’s analysis, there is a possibility of a rebound after the correction.
Altcoin Sherpa, the third analyst in the trio, predicts that SOL will decline to the 0.50 Fibonacci retracement level. He considers $70 as a good entry point for investors looking to buy in.
As of now, SOL is valued at $84.66, according to current market data.
The views expressed by these three analysts indicate a consensus among them that SOL will witness a decline in price before potential upward momentum returns.