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Solana (SOL) recently surpassed the $155 level within the last 24 hours, creating significant excitement, but this situation did not last long. According to Alan Santana, one of the market’s notable experts, there is a possibility of a decline in Solana, which could potentially fall below the critical $100 level.
Solana Coin Analysis
According to a post published by Santana on July 3, the ‘ABC’ formation, known to indicate corrections on the Solana side, is observed. Briefly speaking about the ‘ABC’ correction, it is known as a concept that reveals the price moving within a certain range and usually forming a zigzag.
The A section, indicating the initial process, shows a rise followed by a decline on the chart. The B section, the second stage, shows a weaker recovery far from the previous peak. Following these, the ‘C stage’ reveals a lower low, which in some periods reflects less deep declines.
Sharing a chart that reveals this view, Santana stated that based on the chart, there is a possibility of the price falling below $100.
The price prediction made by the analyst seems to be in parallel with the market’s trend for now. Predictions indicate that Solana could trade between $80 and $100.
Santana commented that the price movement specific to SOL in the market could reach between 40% and 50% and added:
The top of the B wave for the last sub-ABC wave is inside… Solana is now heading towards $80. This is the same price Solana traded around in January 2024. To be fair, let’s make this a range: Solana is now heading towards the $80 – $100 price range.
What is Solana’s Current Price?
Bitcoin started the first day of the week with a positive outlook, but this did not last long. The price experienced a noticeable drop from the level above $63,000 and is currently at $6,200 at the time of writing.
The price drop in BTC also triggered a decline on the SOL side. After a 4.25% drop, the SOL price is currently trading at $141.70 at the time of writing. It is also worth noting that Solana rose from below $10 in 2023 to over $200 as of March 2024.
This positions it perhaps at the top of the list of the best-performing high-volume cryptocurrencies in the market. Additionally, SOL’s market cap dropped to $65 billion after the decline.
Despite the drop, the 24-hour trading volume rose to $2.7 billion after a 55% increase, which can be interpreted as investors quickly selling to minimize their losses.
