A cryptocurrency analyst, who precisely foresaw the market’s backside in 2018, is now specializing in Solana, foreseeing a price bottom for the cryptocurrency and figuring out its subsequent goal after reaching it.
Solana To Rise Above $200 After Hitting This Backside
In a Wednesday X (previously Twitter) submit, a crypto analyst recognized as ‘Bluntz’ has highlighted a possible worth backside for Solana. Following up on the earlier forecast on April 4, the place he predicted that Solana would hit a backside at or beneath $160 earlier than pushing back up, Bluntz revealed in his new submit that the subsequent worth backside could be $162.
The crypto analyst anticipates that Solana’s worth will hit a backside at $162 earlier than it begins to maneuver increased, suggesting a attainable bullish rebound for the cryptocurrency. Sharing a number of worth charts illustrating Solana’s price movements between March and April 2024, Bluntz makes use of the Elliot wave concept as a technical pattern to information his predictions.
The Elliott wave theory is a singular type of technical evaluation which predicts worth actions by observing and figuring out recurrent long-term worth patterns associated to persistent adjustments in investor sentiment and psychology.
In his earlier submit, Bluntz shared a worth chart which indicated that Solana’s next leg up after hitting the anticipated worth backside could be $224. He estimated the timeline for this important surge, predicting that the cryptocurrency might leap to $224 earlier than April 22.
Solana is now buying and selling at $151. Chart: TradingView
Worth Replace On Solana (SOL)
Currently, the price of Solana has been on a serious downward pattern, recording double-digit losses for the previous few weeks. On the time of writing the cryptocurrency is buying and selling at a worth of $151.15, marking a 12.32% lower within the final 24 hours and a 13.93% drop prior to now week, in response to CoinMarketCap.
This steady decline has been attributed to the congestion issues Solana’s network currently faces. Earlier in April, Solana had fallen sufferer to a community outage, leading to about 75% of transactions on the community failing. This precipitated a serious disruption within the blockchain’s operations, elevating issues amongst investors and the broader crypto neighborhood.
Following the blackout, the worth of Solana plummeted considerably and has continued on a downward pattern. Regardless of scheduling April 15 for a network resolution, the cryptocurrency’s worth has not proven any constructive response.
It’s additionally essential to notice that Solana’s present worth has dropped approach beneath the beforehand stipulated backside of $162 predicted by Bluntz. The potential for a bullish rebound for the cryptocurrency stays unsure, as extra doubts have been raised in regards to the community’s capacity to deal with important transaction volumes.
Featured picture from Pexels, chart from TradingView
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