A widely followed crypto strategist is updating his outlook on Ethereum (ETH) competitor Solana (SOL).
Pseudonymous crypto strategist Pentoshi tells his 738,500 followers on the social media platform X that SOL could dip in the coming months by more than 40% from its current value.
“Not sure we get as low as I have here, but do expect at some point to be able to bid in the $70s. Looking forward to not just trading SOL, but holding some eco-system coins for the next year or so.”
Looking at his chart, the trader suggests that Solana could dip to around $70 at the end of March and then rally toward $90.
Solana is trading for $99.64 at time of writing, up 13.27% in the last 24 hours.
Two other popular crypto traders are also predicting a market correction for Solana.
Pseudonymous analyst Altcoin Sherpa tells his 204,900 followers on the social media platform X that Solana will likely dip to Fibonacci retracement levels 0.382 at $84.50 or 0.50 at $71.67.
“SOL: plan still remains, 0.382 and 0.50 Fib levels are the areas of interest. These will both be great entries for the long run in my opinion. Sold some of my SOL higher.”
Meanwhile, pseudonymous crypto strategist Rekt Capital tells his 385,700 followers on the social media platform X that SOL is dangerously close to flipping a key support level at $98 into resistance and then dipping into the $70 range.
“Weak reaction from the range low. This reaction was promptly cancelled out. Now SOL is threatening to lose range low as support. Weekly close below the range low could begin the breakdown process into the green area below.”
Generated Image: Midjourney