One of the largest Ethereum competitors by market value, SOL Coin, is currently lingering around the $86 level. The BTC downturn has shaken it, like others, putting a pause to the months-long rise. But what direction do experts predict? What do current technical data indicate for SOL Coin?
Solana (SOL)
Although the calculation is controversial, Solana has hosted more transactions than any other blockchain to date, surpassing even Ethereum. Its high speed and low fees made it the most attractive smart contract platform of 2021. A large part of the crypto community, finding the Ethereum network expensive, has extensively used the Solana network for both NFTs and DeFi.
Then came the nightmare, and the process to date is well known to all of us. SOL Coin is now at $86.5 while the cumulative trading volume of cryptocurrencies has anchored below $50 billion.
Reaching its 2023 peak at $126 in the last week of the year, SOL Coin today introduced its new product. Solana token extensions offer developers the opportunity to create customized tokens to meet their business needs. Solana token extensions include private transfers, metadata, and interest-bearing tokens. In short, they will be much more functional, and if this attracts interest, SOL Coin network activity and indirectly SOL Coin price could increase.
SOL Coin Price Prediction
The weekly RSI is in a downward trend, and daily charts signal a continuation of the correction. The retransformation of the $90 support into resistance is fueling negativity. However, Altcoin Sherpa expects a short-term pullback but wrote the following about SOL Coin;
“Good levels for long-term entry may come. You can consider the levels I marked on the chart. Just be patient.”
The analyst’s chart indicates entry points at the $84 and $72 regions. Below that, the price could drop to $60. According to the Elliot wave count, SOL Coin is in the third wave of a five-wave rise, promising a new bottom at $72.
However, if SOL Coin turns $90 back into support, it could invalidate the bearish prediction and aim for the 2023 peak of $126 again.
