Reassessing Solana: Analysts Share Insights on Possible Market Correction

Reassessing Solana: Analysts Share Insights on Possible Market Correction

Expecting a 40% Decrease in SOL’s Value

The crypto analyst, known by the pseudonym Pentoshi on social media platform X, with thousands of followers, stated that SOL could drop more than 40% from its current value in the coming months, saying:

I’m not sure if it will drop as much as my prediction, but at some point, I hope we can bid at $70. I’m not only looking forward to trading SOL but also holding some ecosystem coins throughout the next year.

The analyst, who conducts his analysis on charts, suggested that Solana could fall to $70 by the end of March and then potentially rise towards $90. At the time of writing, Solana had seen a 13.27% increase in the last 24 hours, trading at $99.64.

Expert Opinion on Solana

Two other popular crypto analysts also predict a market correction for Solana. The analyst known as Altcoin Sherpa in the markets suggested that Solana would likely drop to the 0.382 Fibonacci retracement level at $84.50 or to the 0.50 level at $71.67, stating:

The plan for SOL is still ongoing, the 0.382 and 0.50 Fib levels are areas of interest. In my opinion, both will be great entries for the long term. I’ve sold some of my SOL at a higher price.

Moreover, another crypto analyst, Rekt Capital, stated through platform X that SOL is dangerously close to turning its crucial support level of $98 into resistance and then potentially falling to the $70 range, saying:

Weak reaction from the low range. This reaction was immediately nullified. Now SOL is threatening to lose the low range as support. A weekly close below the low range could initiate the breakdown process towards the green area below.