Analysts Reveal Next Steps As Solana Corrects Hard After 1000% Rally

Analysts Reveal Next Steps As Solana Corrects Hard After 1000% Rally

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Several analysts have given their opinion on what lies ahead for Solana (SOL). Based on their prediction, the crypto token could experience a further move to the downside as part of a price correction that seems overdue following its parabolic rise back in 2023, when it saw a gain of almost 1,000%. 

SOL Could Drop To As Low As $70

Crypto analyst Bluntz Capital suggested in an X (formerly Twitter) post that Solana could drop to as low as $70. From the chart that he shared, he looked to be analyzing SOL’s price movement using the ABC pattern, with a move to $70 being the C wave. If SOL were to drop to that price level eventually, Bluntz mentioned that he would be “max bidding SOL” as he foresees a further move to the upside once the correction is done. 

Solana

Source: X

Professional Crypto Derivative Exchange Bitunix shared their SOL price analysis in an X post. They highlighted how the crypto token has broken out of its triangle, something which signals more downside ahead. SOL may initially fall to as low as $76 as a result of this. If it fails to hold above the support at that price level, a further decline towards $65 could occur, Bitunix claims. 

Related Reading: Bitcoin Recovery: This Massive $500 Billion Investment Could Send Price Above $50,000

Technical analyst LuxAlgo also hinted at a price decline to $76 based on the chart, which they shared in an X post. They noted that Solana had broken its lows as expected and raised the possibility of a “steeper drop” being imminent. 
SOL

Source: X

Meanwhile, crypto analyst Tryrex Crypto stated that he is betting on a crash back to $71 for SOL. He mentioned how tempting it might be to open a long position right now and expect a bounce on the current support level. However, he seemed skeptical of such a move as he claims that the previous bounce was “too weak to maintain the trend.”

Solana price chart from Tradingview.com

SOL price recovers to $87 | SOLUSD on Tradingview.com

Solana To $150 Once All Is Said And Done

In a more recent X post, Bluntz stated that the SOL ABC pattern is “starting to look done now.” If that is the case, he expects a trend reversal as the next move to the upside should send SOL to above $150. In the meantime, he said that the crypto token is trying to test and reclaim its prior breakdown range. 

Interestingly, crypto analyst Ali Martinez had raised the possibility of Solana rising to $150 in one of his previous price analyses. However, SOL then failed to close above the $106 price level, which Martinez had highlighted as being critical for this price prediction to materialize. Bluntz’s prediction no doubt provides optimism that the $150 price level remains a possibility. 

At the time of writing, SOL is trading at around $86, up over 6% in the last 24 hours, according to data from CoinMarketCap.

Featured image from ByteTree, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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