Market Expert Reveals Why Solana Price Is Poised To Go Higher
April 13 2024 - 12:30PM
NEWSBTC
A cryptocurrency analyst, who accurately foresaw the market’s
bottom in 2018, is now focusing on Solana, foreseeing a price
bottom for the cryptocurrency and identifying its next target after
reaching it. Solana To Rise Above $200 After Hitting This
Bottom In a Wednesday X (formerly Twitter) post, a crypto analyst
identified as ‘Bluntz’ has highlighted a potential price bottom for
Solana. Following up on the previous forecast on April 4, where he
predicted that Solana would hit a bottom at or below $160 before
pushing back up, Bluntz revealed in his new post that the next
price bottom would be $162. Related Reading: XRP To Blast
Off? Analyst Predicts ‘Realistic’ 5x Surge To $3 The crypto analyst
anticipates that Solana’s price will hit a bottom at $162 before it
begins to move higher, suggesting a possible bullish rebound for
the cryptocurrency. Sharing several price charts illustrating
Solana’s price movements between March and April 2024, Bluntz uses
the Elliot wave theory as a technical pattern to guide his
predictions. The Elliott wave theory is a unique form of technical
analysis which predicts price movements by observing and
identifying recurrent long-term price patterns related to
persistent changes in investor sentiment and
psychology. In his earlier post, Bluntz shared a price
chart which indicated that Solana’s next leg up after hitting the
predicted price bottom would be $224. He estimated the timeline for
this significant surge, predicting that the cryptocurrency could
jump to $224 before April 22. Solana is now trading at $151.
Chart: TradingView Price Update On Solana (SOL) Lately, the price
of Solana has been on a major downward trend, recording
double-digit losses for the past few weeks. At the time of writing
the cryptocurrency is trading at a price of $151.15, marking a
12.32% decrease in the last 24 hours and a 13.93% drop in the past
week, according to CoinMarketCap. This continuous decline has
been attributed to the congestion issues Solana’s network currently
faces. Earlier in April, Solana had fallen victim to a network
outage, resulting in about 75% of transactions on the network
failing. This caused a major disruption in the blockchain’s
operations, raising concerns among investors and the broader crypto
community. Following the blackout, the price of Solana
plummeted significantly and has continued on a downward trend.
Despite scheduling April 15 for a network resolution, the
cryptocurrency’s value has not shown any positive response.
Related Reading: Uniswap Bloodbath: UNI Price Crashes 16% On SEC
Lawsuit Fears It’s also important to note that Solana’s current
price has dropped way below the previously stipulated bottom of
$162 predicted by Bluntz. The possibility of a bullish rebound for
the cryptocurrency remains uncertain, as more doubts have been
raised concerning the network’s ability to handle significant
transaction volumes. Featured image from Pexels, chart from
TradingView
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