Analysts say SOL could plummet 40% as this new GameFi coin project surpasses $6.5 million.

adminJanuary 11, 2024

join us telegram A channel to stay up to date on breaking news coverage

Solana’s price fell 3% over the past 24 hours to $96.96 as of 5 a.m., with trading volume down 20% to $3.27 billion.

Pentoshi, an analyst with over 738,000 followers on X, warned in a recent post that SOL could plummet as much as 40% in the coming months.

$SOL Update #1
I’m not sure we’ll go as low as we do here, but I expect we’ll be able to bid $70 at some point.
Rather than simply trading SOL, I look forward to holding ecosystem coins for the next year or so. https://t.co/ethYBkZQSs pic.twitter.com/80Wu05Sl18
— Pentosh 🐧 euroPeng 🇪🇺 (@Pentosh1) January 7, 2024

His predictions were accompanied by similar results. prediction Altcoin Sherpa said SOL will fall to the 0.382 Fibonacci retracement level at $84.50 and 0.50 from $71.67.

That said, SOL’s current struggle to stay above $100 is only the beginning and the coin will likely see a serious correction in the coming months.

Solana price prediction

Some experts expect SOL to see a significant price drop soon, while others believe the coin could rise after spotting a bullish flag pattern on the project’s chart.

The pattern can be seen in the chart below, and while this alone does not guarantee a future surge, there are other signs that we could see a price rise for SOL.

SOLUSDT January 10

For example, the coin’s Bollinger Bands are still quite wide, especially compared to the bullish first half of December 2023. Additionally, the coin’s Relative Strength Index (RSI) score gives traders reason to be optimistic.

It is currently in neutral territory with a score of 49.36. It was in overbought territory at the end of December, but has since fallen into oversold territory. Now that it has been restored to neutral territory, traders are waiting to see how things progress.

If Solana price recovers in the future, it is likely that it will first meet significant resistance at $100, which is more psychological.

After that, the coin will encounter another level at $104 and the next level at $108. In this scenario, SOL would return to its peak in 2024.

However, the monthly and yearly highs are still much higher at $123.76. If the bull flag pattern holds, SOL could recover to this level and break above it before hitting a bearish wave that would push the price back to the $70 range.

A promising alternative to Solana

Meme Kombat (MK) is one of the best alternatives to Solana right now as it offers meme coins combined with a new and innovative gaming platform that is already quickly attracting users and investors alike.

Meme Kombat is a new project that is currently being resold, but it is also a project that has become incredibly popular even in the current uncertain market.

The project’s pre-sale has already raised over $6.55 million, with the token MK priced at just $0.279. Tokens can be exchanged for ETH or USDT.

We reached an incredible $6.5 million. $MK You will receive 25,000 USDT as a gift through pre-sale.⚔️
Last push. let’s go! pic.twitter.com/93vMu2jaRY
— Meme Kombat (@Meme_Kombat) January 9, 2024

The reason for looking for it has to do with the project’s new gaming platform, designed for both memes and gaming enthusiasts.

Here, users can engage in active betting or passive staking, depending on how much risk they want to take. But regardless of the approach chosen, the platform offers rewards to all users. Investors can also earn APY during pre-sales rather than waiting for the battle to begin.

Analyst Jacob Bury said one of the best pre-sales of 2023/24 could increase tenfold once Meme Kombat is released.

If you’re interested, get your tokens now before they sell out. You can purchase MK here.