A cryptocurrency analyst, who precisely foresaw the market’s backside in 2018, is now specializing in Solana, foreseeing a value 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 value 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 again up, Bluntz revealed in his new publish that the subsequent value backside could be $162.
The crypto analyst anticipates that Solana’s value will hit a backside at $162 earlier than it begins to maneuver greater, suggesting a attainable bullish rebound for the cryptocurrency. Sharing a number of value charts illustrating Solana’s value actions between March and April 2024, Bluntz makes use of the Elliot wave idea as a technical sample to information his predictions.
The Elliott wave idea is a singular type of technical evaluation which predicts value actions by observing and figuring out recurrent long-term value patterns associated to persistent adjustments in investor sentiment and psychology.
In his earlier publish, Bluntz shared a value chart which indicated that Solana’s subsequent leg up after hitting the expected value backside could be $224. He estimated the timeline for this important surge, predicting that the cryptocurrency may bounce to $224 earlier than April 22.
Solana is now buying and selling at $151. Chart: TradingView
Worth Replace On Solana (SOL)
Currently, the value 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 value of $151.15, marking a 12.32% lower within the final 24 hours and a 13.93% drop up to now week, based on CoinMarketCap.
This steady decline has been attributed to the congestion points Solana’s community at the moment 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 traders 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 value has dropped means 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 means to deal with important transaction volumes.
Featured picture from Pexels, chart from TradingView
Disclaimer: The article is offered for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding selections. Use info offered on this web site totally at your individual threat.
