Solana Price Prediction: Experts Say The Future Is With Cryptocurrencies Like Green ICOs Focused On Electric Vehicles A top analyst sees SOL plummeting below $70.

adminJanuary 26, 2024

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Solana price is up 1.5% in the last 24 hours. Deal for $87.79 As of 4:29 a.m. ET, trading volume was down 32% to $2 billion.

Despite the surge, cryptocurrency analyst Bluntz is one of several experts on X who sees the price of SOL down to $70.

$SOL Also, what appears to have been moving sideways over the past few weeks was probably some sort of B wave triangle.
I think there will be interest again in the low $70 range. pic.twitter.com/0n3rI6rUaO
— Bluntz (@Bluntz_Capital) January 22, 2024

The analyst also says that SOL has recently followed a distinct trajectory called the “B wave triangle.” It occurs during the adjustment phase and is generally characterized by low highs and high lows in the value of the cryptocurrency.

This pattern represents a period of consolidation before significant movement in either direction.

Bluntz predicts a potential decline in SOL as a “buy the dip” opportunity, expressing that aggressive buying or “maximum bids” will likely begin once prices return to the “low 70s.”

Solana price strength is preparing to surpass the bullish pennant.

Solana price chart analysis. Source: Tradingview.com — SOLUSD chart analysis. Source: Tradingview.com

Solana price showed an upward trend after a long period of consolidation and gradually rose to reach the resistance level of $126.10, giving the bulls a platform to send the price north.

However, the bullish momentum shortened, allowing bears to apply downward pressure on subsequent retracements, forming a bullish pennant. This signals a continuation of the bullish trend in Solana prices.

This decline could allow the bulls to regroup and prepare for another rally from the $83 support level, which is in line with the 50-day simple moving average (SMA).

Solana price prediction

The price of Solana remains above the 50-day and 200-day simple moving average (SMA), with the SMA indicating a crossover of $22 and the 50 SMA acting as immediate support for the SOL price.

The Relative Strength Index (RSI) has bounced from 38 to 47 near the midline of 50, indicating that RSI is likely to rise to overbought territory of 70.

that much The presence of the bull pennant allowed the bulls to regroup. A rally to recoup losses and push the price to expected highs in 2024, targeting around $150.

However, if the downtrend continues, the price could approach the $68 threshold.

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