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Experienced cryptocurrency analyst Rekt Capital drew attention to the possibility of a sharp decline in Solana (SOL), which is considered as the rival of the largest altcoin Ethereum (ETH), and warned investors. The analyst also shared expectations for Bitcoin (BTC).
Warning about Solana by Saying “History Repeats Itself”
Anonymous cryptocurrency analyst Rekt Capital stated on his personal X (formerly known as Twitter) account that if Solana cannot turn a key level into support, it could follow a previous price pattern downwards. In his warning about SOL, the analyst stated the following:
If history repeats itself, SOL could make a downward move reaching $30 (below the purple box) if it retraces above $42.86 (above the red). I don’t know if history will repeat itself, but I would personally be prepared for it.
Furthermore, the analyst emphasized that the longer the price of the popular altcoin trades below the $42 level, the higher the probability of the expected decline. He said, “Solana is currently producing some upward wicks above approximately $42.86, indicating a retracement. If it continues to stay below this resistance, SOL may experience a deeper retracement over time.”
Looking at Rekt Capital’s shared chart, it can be seen that Solana is expected to experience a sharp decline similar to the price movement it made at the beginning of 2021 if it fails to surpass the $42 level. At the time of writing this article, the major altcoin is trading at $41.53 with a 5.21% increase in the last 24 hours.
According to the Analyst, Bitcoin Aims for $42,000 before the Block Reward Halving
Rekt Capital, also looking at Bitcoin, stated that he expects the largest cryptocurrency to rise towards the declining resistance trend line around $42,000 before the upcoming block reward halving. According to the analyst, BTC will likely retest this trend line (black) after the halving:
Bitcoin may break the black trend line resistance before the halving (orange circle). It will probably retest it as support after the halving (black circle).
The next halving, expected to take place in April 2024, will reduce the block reward amount in BTC received by Bitcoin miners by 50%.
