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Market experts are warning about the potential for increased volatility in the cryptocurrency space, particularly affecting assets like Solana. News related to an upcoming Bitcoin ETF is expected to be a significant catalyst contributing to market turbulence.
Rising Volatility Concerns for Altcoin Solana
Trader Kaz The Shadow recently shared an extensive market overview and issued a cautionary note to investors about the expected increase in volatility throughout the week. He emphasized that individuals inexperienced with market fluctuations and complex movements should be careful or consider reducing their trade sizes.
This warning comes during a period of increased uncertainty in the cryptocurrency market, including Solana, with market participants closely monitoring developments related to the soon-to-be-announced Bitcoin ETF news.
Divergent Views on Solana’s Trajectory
Analysts have differing opinions on the short-term direction of Solana. Jelle predicts a potential pullback for Solana, suggesting that the cryptocurrency could fall to $70 during the ongoing bull market. This analysis implies that after successfully testing the $70 support level, an ultimate uptrend will continue.
Pentoshi shares a similar sentiment, foreseeing that Solana will be sold down to the $70 level before it recovers and continues its ascent. Amidst the uncertainty, these analysts agree on the possibility of a short-term pullback for the altcoin Solana before it shows any bullish momentum.
The Future of Solana
However, not all analysts share an optimistic outlook for the near future of Solana. The Crypto Dog presents a theory suggesting that the market may be nearing the peak of the current cycle. If this perspective is correct, considering the proximity to Bitcoin’s halving process, it would be an unprecedented situation.
The Crypto Dog links the recent market rally to the anticipation surrounding the Bitcoin ETF and notes that the catalyst is likely to continue on its path. According to this theory, a market correction and consolidation phase are necessary before the next significant rally.
At the time of writing, the price of Solana has not experienced the drop to the $70 levels indicated by analysts. The price rebounded from the $85 level. SOL is currently priced at $99.
