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July 19, 2024
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Solana (SOL) Price Might Drop 30% In Coming Days – Analyst Maps Low Levels

The post Solana (SOL) Price Might Drop 30% In Coming Days – Analyst Maps Low Levels appeared first on Coinpedia Fintech News

Renowned crypto trader and analyst Altcoin Sherpa have issued a warning to traders about the potential downfall of Solana (SOL), a major rival of Ethereum (ETH). With a Twitter following of 195,700, Sherpa predicts that Solana could experience a significant decline of over 30% from its current value. 

Analyst Warns of Major Plummet for SOL

Sherpa highlights the risk of a major collapse for Solana based on its volume profile. Analyzing the chart, he identifies the next high volume price level on the downside to being around the $14 to $15 range, which the cryptocurrency last traded for in January 2023.

Expressing concern over Solana’s chart, Sherpa states, “If this area falls, price is probably headed to the $14-$15 area. Still not really a fan of this chart as of now.”

However, he believes that Solana will fare well in the long term and remains a decent investment option due to its strong community support. 

Also Read: Solana Price Prediction 2023, 2024, 2025: Will SOL Price Cross The $25 By The End Of June?

BTC’s Potential Lower Dip: Sherpa Expects $23,000 Bitcoin Level

In addition to the warning about Solana, Altcoin Sherpa also provides insights into Bitcoin’s future trajectory. He predicts that Bitcoin (BTC) is on the verge of experiencing a dip, potentially reaching at least the $25,000 level or possibly dropping even lower to $23,000.

According to Sherpa, various indicators point towards a $25,000 BTC level, including the 200-week exponential moving average (EMA), support and resistance levels (SR), and the .382 Fibonacci level. Sherpa suggests that this level holds significant confluence, making it a logical target.

Sherpa believes that the momentum of breaking support levels will likely drive Bitcoin’s price lower than $25,000, possibly down to $23,000, before the cryptocurrency reclaims the $25,000 level as a support level.

As of now, Bitcoin is trading at $26,823, reflecting a decrease of 0.8% in the past 24 hours. Altcoin Sherpa’s predictions and analysis serve as a cautionary note for crypto traders, urging them to closely monitor the potential decline of Solana and the expected dip in Bitcoin’s price.

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