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October 1, 2023
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Solana Price Analysis: Analyst Expects SOL Price Drop To $16 In Coming Weeks

The post Solana Price Analysis: Analyst Expects SOL Price Drop To $16 In Coming Weeks appeared first on Coinpedia Fintech News

The Solana (SOL) price has undeniably struggled to rally beyond the pre-FTX support level, around $26, which has acted as a strong resistance zone. Trading around $23.15 on Thursday, Solana’s price was retesting crucial support offered by the weekly 50-moving average that has been a resistance trendline since April 2022. The same support level was used during the 2021 bull rally correction that yielded the ATH around $260. 

Profit Blue Spots Solana Short-Term Weakness 

According to a popular crypto analyst who has been in the industry since 2014 under the pseudonym Profit Blue on the X platform, Solana is very likely to continue correcting sub $20 in the coming weeks. With the recent weakness in Bitcoin’s bullish stance, the analyst thinks Solana’s price could easily drop towards $16 after dropping below the crucial supply and demand zone between $23.25 and $25. 

Notably, the analyst argued that Solana’s price has been trading inside a macro symmetrical triangle, which is fast approaching its breakout end. In this regard, Profit Blue thinks the lower border of the triangle will offer a substantial support level 

Thriving Ecosystem 

The Solana (SOL) network has thrived to a mature Web3 ecosystem supporting complex smart contracts. With approximately $316 million in total value locked, the Solana ecosystem takes pride in over $1.5 billion of stablecoins market capitalization. Furthermore, the Solana network is the only Web3 ecosystem with an operational smartphone oriented in the blockchain industry.

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