Get the scoop on finance - sign up for mobile alerts
Altcoins
| On
January 24, 2024

Trio of Crypto Analysts Flip Bearish on Solana, Unanimously Agree on Downside Price Target for SOL

By Henry Kanapi

A trio of traders believe that the smart contract platform Solana (SOL) will head to much lower prices before regaining bullish momentum.

Starting with pseudonymous crypto analyst Bluntz, the analyst tells his 237,900 followers on the social media platform X that SOL appears to be mirroring Bitcoin’s (BTC) late 2018 price action when it collapsed before witnessing a parabolic surge.

ADVERTISEMENT

According to Bluntz, SOL has broken below the support of a triangle pattern and is now en route to his downside price target.

“Real ones remember. Maybe we get one final exit pop or maybe it blows straight through support from here, I’m not sure.

All I know is if we get low $70s, I’ll be max bidding SOL.” 

Source: Bluntz/X

Looking at the trader’s chart, he seems to predict that SOL will rally above $110 after bouncing from $70.

ADVERTISEMENT

Meanwhile, top trader Pentoshi also tells his 744,100 X followers that he thinks SOL will revisit its support at $70.

Source: Pentoshi/X

Based on Pentoshi’s chart, he also seems to predict that SOL will bounce after correcting to around $70.

Lastly, Altcoin Sherpa tells his 206,200 X followers that he expects SOL to drop to the 0.50 Fibonacci retracement level.

“SOL: $70 Solana seems like a fair good price to get in.”

Source: Altcoin Sherpa/X

At time of writing, SOL is worth $84.66.

ADVERTISEMENT
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney