Solana: Analysts Divided on SOL’s Trends – What You Need to Know
Diverse viewpoints have emerged regarding the potential future of Solana (SOL), a major Ethereum (ETH) competitor.
One analyst, identified as Pentoshi within the crypto community and possessing a considerable following on a popular social platform, suggests a substantial downturn in SOL’s value on the horizon. Although not committing to precise figures, Pentoshi hints at the likelihood of SOL dropping into the $70 range. This analyst also expresses interest in not solely trading SOL but also holding related ecosystem coins for an extended duration.
$SOL update #1
Not sure we get as low as I have here, but do expect at some point to be able to bid in the $70's
Looking forward to not just trading sol, but holding some eco-system coins for the next year or so. https://t.co/ethYBkZQSs pic.twitter.com/80Wu05Sl18
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) January 7, 2024
Pentoshi’s analysis, based on market charts, paints a picture of a forthcoming dip in Solana’s value, possibly touching $70 by the close of March, followed by a subsequent upswing toward the $90 mark.
Parallel sentiments are echoed by other notable crypto traders in anticipating a potential market correction for Solana.
READ MORE: SEC’s Gary Gensler Issues a Warning on Crypto Investments
Additionally, Rekt Capital, another influential analyst known within the crypto sphere, highlights concerns about SOL approaching a critical support level at $98. There’s a fear that breaching this level might transform it into a resistance point, potentially triggering a downward slide toward 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
Let's see how the Weekly Closes#Crypto #Solana https://t.co/Nv5fYEqpEL pic.twitter.com/VwwJaeWxEe
— Rekt Capital (@rektcapital) January 7, 2024
This analysis points to a tepid response from the range low, indicating SOL’s vulnerability to losing critical support. A weekly closure below this threshold could signal the beginning of a downward trajectory for Solana.
Operating under the alias Altcoin Sherpa, this analyst identifies potential downtrend points for SOL at Fibonacci retracement levels of 0.382, approximately $84.50, and 0.50, roughly $71.67.
$SOL: Plan still remains, .382 and .50 fib levels are the areas of interest. These will both be great entries for the long run IMO. Sold some of my SOL higher. #Solana pic.twitter.com/eniWdRuBPN
— Altcoin Sherpa (@AltcoinSherpa) January 7, 2024
Altcoin Sherpa emphasizes the strategic focus on these levels for potential long-term investment opportunities, noting recent divestment of a portion of SOL holdings at higher valuations.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
