A renowned crypto analyst, known for accurate market predictions, has updated his view on Solana (SOL), a strong competitor to Ethereum (ETH). He suggests that SOL could experience a decline of over 40% from its current value in the coming months. The analyst hopes to bid at $70 at some point and is eager to hold some ecosystem tokens over the next year.
In his analysis, he indicates that Solana could drop to $70 by the end of March before potentially rising towards $90. At the time of writing, Solana had seen a 13.27% increase over the last 24 hours, trading at $99.64.
Two other prominent crypto analysts also foresee a market correction for Solana. Altcoin Sherpa predicts that Solana could fall to Fibonacci retracement levels of $84.50 at 0.382 or $71.67 at 0.50, considering these levels as potential long-term entry points.
Another analyst, Rekt Capital, warns that SOL is dangerously close to turning a crucial $98 support level into resistance, potentially leading to a drop towards the $70 range. He observes a weak response from the lower range, suggesting that a weekly close below this range could initiate a breakdown towards the lower green area.
These analyses reflect a bearish outlook for Solana in the short term, with multiple analysts agreeing on potential significant price drops and highlighting key levels to watch for future investment opportunities.