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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 increased, 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 singular type of technical evaluation which predicts worth actions by observing and figuring out recurrent long-term worth patterns associated to persistent modifications 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 anticipated 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)
Currently, the worth of Solana has been on a serious downward development, 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 line with CoinMarketCap.
This steady decline has been attributed to the congestion points Solana’s community presently faces. Earlier in April, Solana had fallen sufferer to a community outage, leading to about 75% of transactions on the community failing. This triggered a serious disruption within the blockchain’s operations, elevating issues amongst buyers and the broader crypto group.
Following the blackout, the value of Solana plummeted considerably and has continued on a downward development. Regardless of scheduling April 15 for a community decision, the cryptocurrency’s worth has not proven any constructive response.
It’s additionally vital to notice that Solana’s present worth has dropped means under 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 regarding the community’s means to deal with important transaction volumes.
Featured picture from Pexels, chart from TradingView
Disclaimer: The article is offered for instructional 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’re suggested to conduct your individual analysis earlier than making any funding selections. Use data offered on this web site totally at your individual threat.
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