A trio of traders believe that the smart contract platform Solana (SOL) will head to much lower prices before regaining bullish momentum.
Starting with pseudonymous crypto analyst Bluntz, the analyst tells his 237,900 followers on the social media platform X that SOL appears to be mirroring Bitcoin’s (BTC) late 2018 price action when it collapsed before witnessing a parabolic surge.
According to Bluntz, SOL has broken below the support of a triangle pattern and is now en route to his downside price target.
“Real ones remember. Maybe we get one final exit pop or maybe it blows straight through support from here, I’m not sure.
All I know is if we get low $70s, I’ll be max bidding SOL.”
Looking at the trader’s chart, he seems to predict that SOL will rally above $110 after bouncing from $70.
Meanwhile, top trader Pentoshi also tells his 744,100 X followers that he thinks SOL will revisit its support at $70.
Based on Pentoshi’s chart, he also seems to predict that SOL will bounce after correcting to around $70.
Lastly, Altcoin Sherpa tells his 206,200 X followers that he expects SOL to drop to the 0.50 Fibonacci retracement level.
“SOL: $70 Solana seems like a fair good price to get in.”
At time of writing, SOL is worth $84.66.
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Generated Image: Midjourney
