A cryptocurrency analyst, who precisely foresaw the market’s backside in 2018, is now specializing in Solana, foreseeing a worth backside 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) publish, 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 under $160 earlier than pushing again up, Bluntz revealed in his new publish that the following 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 greater, suggesting a potential bullish rebound for the cryptocurrency. Sharing a number of worth charts illustrating Solana’s worth actions between March and April 2024, Bluntz makes use of the Elliot wave principle as a technical sample to information his predictions.
The Elliott wave principle is a novel 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 publish, Bluntz shared a worth chart which indicated that Solana’s subsequent leg up after hitting the expected worth backside could be $224. He estimated the timeline for this important surge, predicting that the cryptocurrency may soar to $224 earlier than April 22.
Solana is now buying and selling at $151. Chart: TradingView
Worth Replace On Solana (SOL)
These days, the worth of Solana has been on a significant 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 previously week, based on CoinMarketCap.
This steady decline has been attributed to the congestion points Solana’s community at present faces. Earlier in April, Solana had fallen sufferer to a community outage, leading to about 75% of transactions on the community failing. This prompted a significant disruption within the blockchain’s operations, elevating issues amongst buyers 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 community decision, the cryptocurrency’s worth has not proven any optimistic response.
It’s additionally necessary to notice that Solana’s present worth has dropped approach under the beforehand stipulated backside of $162 predicted by Bluntz. The opportunity of a bullish rebound for the cryptocurrency stays unsure, as extra doubts have been raised regarding the community’s capacity to deal with important transaction volumes.
Featured picture from Pexels, chart from TradingView
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