ETHEthereumIndustry AnalysisNEARNewsSOL

Solana’s Market Outlook: Strategists Predict Dip and Recovery Potential

1 Mins read

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.

Source

1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Articles
Related posts
CryptoNews

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…
BNBCryptoNews

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…
CryptoNews

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥

Ailtra.ai will not disclose your account information to any 3rd parties.