{"id":35423,"date":"2024-01-24T15:57:49","date_gmt":"2024-01-24T19:57:49","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35423"},"modified":"2024-01-24T15:57:49","modified_gmt":"2024-01-24T19:57:49","slug":"analysts-reveal-next-steps-as-solana-corrects-hard-after-1000-rally","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/24\/analysts-reveal-next-steps-as-solana-corrects-hard-after-1000-rally\/","title":{"rendered":"Analysts Reveal Next Steps As Solana Corrects Hard After 1000% Rally"},"content":{"rendered":"

Several analysts have given their opinion on what lies ahead for Solana (SOL)<\/a>. 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<\/a>, when it saw a gain of almost 1,000%.\u00a0<\/p>\n

SOL Could Drop To As Low As $70<\/h2>\n

Crypto analyst Bluntz Capital<\/a> 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\u2019s price movement using the ABC pattern<\/a>, 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 \u201cmax bidding SOL\u201d as he foresees a further move to the upside once the correction is done.\u00a0<\/p>\n\n

Professional Crypto Derivative Exchange Bitunix shared<\/a> their SOL price analysis<\/a> 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<\/a> 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.\u00a0<\/p>\n

Related Reading: Bitcoin Recovery: This Massive $500 Billion Investment Could Send Price Above $50,000<\/a><\/p>\n

Technical analyst LuxAlgo also hinted<\/a> 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 \u201csteeper drop\u201d being imminent.\u00a0\n<\/p>\n

Meanwhile, crypto analyst Tryrex Crypto stated<\/a> that he is betting on a crash back to $71<\/a> 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 \u201ctoo weak to maintain the trend.\u201d<\/p>\n\n

Solana To $150 Once All Is Said And Done<\/h2>\n

In a more recent X post<\/a>, Bluntz stated that the SOL ABC pattern is \u201cstarting to look done now.\u201d If that is the case, he expects a trend reversal<\/a> as the next move to the upside should send SOL to above $150. In the meantime, he said that the crypto token<\/a> is trying to test and reclaim its prior breakdown range.\u00a0<\/p>\n

Interestingly, crypto analyst Ali Martinez had raised the possibility of Solana rising to $150<\/a> in one of his previous price analyses. However, SOL then failed to close above the $106 price level<\/a>, which Martinez had highlighted as being critical for this price prediction to materialize. Bluntz\u2019s prediction no doubt provides optimism that the $150 price level remains a possibility.\u00a0<\/p>\n

At the time of writing, SOL is trading at around $86, up over 6% in the last 24 hours, according to data<\/a> from CoinMarketCap.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Several analysts have given their opinion on what lies ahead for Solana (SOL)<\/a>. 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<\/a>, when it saw a gain of almost 1,000%.\u00a0<\/p>\n

SOL Could Drop To As Low As $70<\/h2>\n

Crypto analyst Bluntz Capital<\/a> 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\u2019s price movement using the ABC pattern<\/a>, 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 \u201cmax bidding SOL\u201d as he foresees a further move to the upside once the correction is done.\u00a0<\/p>\n

Professional Crypto Derivative Exchange Bitunix shared<\/a> their SOL price analysis<\/a> 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<\/a> 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.\u00a0<\/p>\n

Related Reading: Bitcoin Recovery: This Massive $500 Billion Investment Could Send Price Above $50,000<\/a><\/p>\n

Technical analyst LuxAlgo also hinted<\/a> 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 \u201csteeper drop\u201d being imminent.\u00a0\n<\/p>\n

Meanwhile, crypto analyst Tryrex Crypto stated<\/a> that he is betting on a crash back to $71<\/a> 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 \u201ctoo weak to maintain the trend.\u201d<\/p>\n

Solana To $150 Once All Is Said And Done<\/h2>\n

In a more recent X post<\/a>, Bluntz stated that the SOL ABC pattern is \u201cstarting to look done now.\u201d If that is the case, he expects a trend reversal<\/a> as the next move to the upside should send SOL to above $150. In the meantime, he said that the crypto token<\/a> is trying to test and reclaim its prior breakdown range.\u00a0<\/p>\n

Interestingly, crypto analyst Ali Martinez had raised the possibility of Solana rising to $150<\/a> in one of his previous price analyses. However, SOL then failed to close above the $106 price level<\/a>, which Martinez had highlighted as being critical for this price prediction to materialize. Bluntz\u2019s prediction no doubt provides optimism that the $150 price level remains a possibility.\u00a0<\/p>\n

At the time of writing, SOL is trading at around $86, up over 6% in the last 24 hours, according to data<\/a> from CoinMarketCap.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-35423","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=35423"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35423\/revisions"}],"predecessor-version":[{"id":35431,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35423\/revisions\/35431"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35423"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}