An important analyst issued a warning about Solana (SOL) that is worth checking out. Here are the latest prediciotns about the price of the digital asset.
SOL warning is out
A crypto strategist who goes by the pseudonym Pentoshi has revised his opinion on Solana (SOL), a cryptocurrency that competes with Ethereum (ETH).
The strategist has shared on the social media platform X that he predicts SOL’s value may decrease by over 40% in the coming months from its current price. Pentoshi has a substantial following of 738,500 users on the platform.
“Not sure we get as low as I have here, but do expect at some point to be able to bid in the $70s. Looking forward to not just trading SOL, but holding some eco-system coins for the next year or so.”
According to a trader’s analysis, Solana (SOL) might drop to around $70 by the end of March, but could then rebound to $90.
Currently, the price of Solana is $99.64, showing a 13.27% increase in the past 24 hours. Two other popular crypto traders are also predicting a market correction for Solana.
Altcoin Sherpa, a pseudonymous analyst, stated in a social media post that Solana is likely to dip to Fibonacci retracement levels of 0.382 at $84.50 or 0.50 at $71.67.
“SOL: plan still remains, 0.382 and 0.50 Fib levels are the areas of interest. These will both be great entries for the long run in my opinion. Sold some of my SOL higher.”
Rekt Capital, a pseudonymous crypto strategist, warns his 385,700 followers on X social media platform that SOL may soon lose a key support level at $98, turning it into resistance, and subsequently plunging to the $70 range.
“Weak reaction from the range low. This reaction was promptly cancelled out. Now SOL is threatening to lose range low as support. Weekly close below the range low could begin the breakdown process into the green area below.”
Stay tuned for more news from the crypto space.