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Crypto investors closely follow three analysts who have issued a short-term bearish warning for the leading smart contract platform Solana (SOL). The analysts expect SOL’s price to head towards much lower levels before a potential rebound.
Short-Term Bearish Warning from Three Analysts on Solana
Anonymous crypto analyst Bluntz, through his personal account on a social media platform, warned of a downturn, highlighting that SOL’s price movement resembles the one seen at the end of 2018, before Bitcoin (BTC) made a parabolic rise. According to Bluntz, SOL has fallen below the support line of a triangular formation and is currently moving towards a downward price target:
Those who remember, remember. I can’t say exactly. Maybe there will be a final exit burst, or maybe a burst straight down to support. All I know is if it drops below $70, I will make a substantial purchase of SOL.
Looking at the analyst’s chart, it is expected that SOL will first pull back to $70 and then bounce from there. With this bounce, the altcoin is predicted to rise above $110.
Another closely followed crypto analyst Pentoshi also told his followers from his account that he expects SOL to revisit the $70 support level. Looking at Pentoshi’s chart, it is clear that he shares the same view as Bluntz, anticipating a bounce after a pullback to around $70.
Lastly, Altcoin Sherpa also issued a short-term bearish warning for SOL. The analyst expects SOL to fall to the 0.50 Fibonacci retracement level and mentioned, “The $70 level seems like a good price level to get involved with Solana.”
Current Situation of SOL
According to CoinMarketCap’s data, SOL has seen a 2.83% increase in the last 24 hours, trading at $87.18. The data shows that the popular altcoin‘s price has dropped by 13.37% in the last 7 days and by 24.21% in the last 30 days.
If SOL were to pull back to the $70 level indicated by Bluntz, Pentoshi, and Altcoin Sherpa, it would correspond to a 20% drop from the current prices.
