Recent analyses from several prominent crypto strategists have shed light on the potential market trajectory of Solana (SOL), a notable Ethereum (ETH) competitor. Their collective insights suggest a possible price correction in the near term, followed by a recovery.
Pentoshi’s Outlook on Solana
Pentoshi anticipates a potential dip in Solana’s price to the $70s, although he is not entirely certain of reaching this low. Pentoshi is looking forward to not just trading SOL but also holding some ecosystem coins for the next year or so. His chart analysis suggests that Solana could dip to around $70 by the end of March, followed by a rally toward $90.
Altcoin Sherpa’s Forecast
Altcoin Sherpa, another well-known analyst, conveyed his predictions to his over 205 followers. He expects Solana to likely dip to specific Fibonacci retracement levels – 0.382 at $84.50 or 0.50 at $71.67. He views these levels as attractive entry points for long-term investments and mentioned that he has sold some of his SOL holdings at higher prices.
Rekt Capital’s Analysis
Rekt Capital, a crypto strategist with a substantial following, warns that SOL is nearing a critical juncture where a key support level at $98 might turn into resistance, potentially leading to a decline into the $70 range. He observed a weak reaction from the range low and the possibility of SOL losing its range low as support. A weekly close below this range could initiate a breakdown into a lower green area.
Current Market Status of Solana
At the time of the report, $SOL is trading at approximately $97.27, marking a 3.5% decrease over the past 24 hours. $SOL is down 1163% in the year-to-date period.
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