Market Expert Reveals Why Solana Price Is Poised To Go Higher

1 month ago 113

A cryptocurrency analyst, who accurately foresaw the market’s bottommost successful 2018, is present focusing connected Solana, foreseeing a price bottom for the cryptocurrency and identifying its adjacent people aft reaching it. 

Solana To Rise Above $200 After Hitting This Bottom

In a Wednesday X (formerly Twitter) post, a crypto expert identified arsenic ‘Bluntz’ has highlighted a imaginable terms bottommost for Solana. Following up connected the erstwhile forecast connected April 4, wherever helium predicted that Solana would deed a bottommost astatine oregon beneath $160 earlier pushing backmost up, Bluntz revealed successful his caller station that the adjacent terms bottommost would beryllium $162. 

The crypto expert anticipates that Solana’s terms volition deed a bottommost astatine $162 earlier it begins to determination higher, suggesting a imaginable bullish rebound for the cryptocurrency. Sharing respective terms charts illustrating Solana’s terms movements betwixt March and April 2024, Bluntz uses the Elliot question mentation arsenic a technical pattern to usher his predictions.

The Elliott question theory is simply a unsocial signifier of method investigation which predicts terms movements by observing and identifying recurrent semipermanent terms patterns related to persistent changes successful capitalist sentiment and psychology.  

In his earlier post, Bluntz shared a terms illustration which indicated that Solana’s adjacent limb up aft hitting the predicted terms bottommost would beryllium $224. He estimated the timeline for this important surge, predicting that the cryptocurrency could leap to $224 earlier April 22. 

Solana is present trading astatine $151. Chart: TradingView

Price Update On Solana (SOL)

Lately, the price of Solana has been connected a large downward trend, signaling double-digit losses for the past fewer weeks. At the clip of penning the cryptocurrency is trading astatine a terms of $151.15, marking a 12.32% alteration successful the past 24 hours and a 13.93% driblet successful the past week, according to CoinMarketCap. 

This continuous diminution has been attributed to the congestion issues Solana’s web presently faces. Earlier successful April, Solana had fallen unfortunate to a web outage, resulting successful astir 75% of transactions connected the web failing. This caused a large disruption successful the blockchain’s operations, raising concerns among investors and the broader crypto community. 

Following the blackout, the terms of Solana plummeted importantly and has continued connected a downward trend. Despite scheduling April 15 for a web resolution, the cryptocurrency’s worth has not shown immoderate affirmative response. 

It’s besides important to enactment that Solana’s existent terms has dropped mode beneath the antecedently stipulated bottommost of $162 predicted by Bluntz. The anticipation of a bullish rebound for the cryptocurrency remains uncertain, arsenic much doubts person been raised concerning the network’s quality to grip important transaction volumes. 

Featured representation from Pexels, illustration from TradingView

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