Market Expert Reveals Why Solana Price Is Poised To Go Higher
A cryptocurrency analyst, who accurately foresaw the markets bottom in 2018, is now focusing on Solana, foreseeing a price bottom for the cryptocurrency and identifying its next target after reaching it.
Solana To Rise Above $200 After Hitting This Bottom
In a Wednesday X (formerly Twitter) post, a crypto analyst identified as Bluntz has highlighted a potential price bottom for Solana. Following up on the previous forecast on April 4, where he predicted that Solana would hit a bottom at or below $160 before pushing back up, Bluntz revealed in his new post that the next price bottom would be $162.
The crypto analyst anticipates that Solanas price will hit a bottom at $162 before it begins to move higher, suggesting a possible bullish rebound for the cryptocurrency. Sharing several price charts illustrating Solanas price movements between March and April 2024, Bluntz uses the Elliot wave theory as a technical pattern to guide his predictions.
The Elliott wave theory is a unique form of technical analysis which predicts price movements by observing and identifying recurrent long-term price patterns related to persistent changes in investor sentiment and psychology.
In his earlier post, Bluntz shared a price chart which indicated that Solanas next leg up after hitting the predicted price bottom would be $224. He estimated the timeline for this significant surge, predicting that the cryptocurrency could jump to $224 before April 22.
Price Update On Solana (SOL)
Lately, the price of Solana has been on a major downward trend, recording double-digit losses for the past few weeks. At the time of writing the cryptocurrency is trading at a price of $151.15, marking a 12.32% decrease in the last 24 hours and a 13.93% drop in the past week, according to CoinMarketCap.
This continuous decline has been attributed to the congestion issues Solanas network currently faces. Earlier in April, Solana had fallen victim to a network outage, resulting in about 75% of transactions on the network failing. This caused a major disruption in the blockchains operations, raising concerns among investors and the broader crypto community.
Following the blackout, the price of Solana plummeted significantly and has continued on a downward trend. Despite scheduling April 15 for a network resolution, the cryptocurrencys value has not shown any positive response.
Its also important to note that Solanas current price has dropped way below the previously stipulated bottom of $162 predicted by Bluntz. The possibility of a bullish rebound for the cryptocurrency remains uncertain, as more doubts have been raised concerning the networks ability to handle significant transaction volumes.
Featured image from Pexels, chart from TradingView
Read more: https://www.newsbtc.com/news/solana/market-expert-reveals-why-solana-price-is-poised-to-go-higher/
Text source: NewsBTC
