Three prominent crypto analysts have issued a short-term bearish outlook for the leading smart contract platform Solana (SOL), predicting a price dip before any potential rebound. The analysts expect SOL to reach lower prices before any resurgence in its value.
Anonymous analyst Bluntz compared SOL’s current pattern to its 2018 crash before Bitcoin’s parabolic rise, suggesting SOL has broken below a triangle formation’s support line and is heading towards a downward price target. Bluntz indicated a willingness to buy heavily into SOL if it falls below $70.
Bluntz anticipates SOL to retract to $70 and then potentially surge above $110. Another closely-followed analyst, Pentoshi, echoed the sentiment, expecting SOL to revisit the $70 support level, indicating a similar projection for a bounce-back after the pullback.
Finally, Altcoin Sherpa also issued a short-term bearish warning for SOL, expecting a drop to the 0.50 Fibonacci retracement level. The analyst views the $70 level as an attractive entry point for Solana.
According to CoinMarketCap, SOL has seen a 2.83% increase over the last 24 hours, trading at $87.18, but has experienced a decline of 13.37% over the past week and 24.21% over the last 30 days. A retreat to the $70 level as indicated by Bluntz, Pentoshi, and Altcoin Sherpa would represent a 20% drop from current prices.
