Solana (SOL), a major Ethereum competitor, is currently lingering around $86, affected by the same downturn that hit Bitcoin and other cryptocurrencies, interrupting months of growth. Experts’ predictions and technical data are now in focus for SOL Coin’s future direction.
Despite controversial transaction count claims, Solana has hosted a high number of transactions, surpassing even Ethereum, thanks to its high speed and low fees. This made it an attractive smart contract platform in 2021, widely used for NFTs and DeFi projects by those finding Ethereum’s network costly.
SOL Coin, amidst a cumulative crypto market transaction volume below $50 billion, stands at $86.5. Recently, SOL Coin introduced new token extensions that offer developers the ability to create customized tokens to meet specific business needs, potentially increasing network activity and the price of SOL Coin.
The weekly RSI shows a downward trend, and daily charts suggest a continuation of correction. The $90 support level turning into resistance adds to the negative outlook. However, Altcoin Sherpa hints at good long-term entry levels and advises patience for potential investors.
Analysts have marked $84 and $72 as potential entry points, with a possibility of dropping to $60. According to Elliott Wave analysis, SOL Coin is in the third wave of a five-wave rise, predicting a new bottom at $72. A rebound above $90 could invalidate the bearish forecast and aim for the 2023 high of $126.
