Analysts Reveal Next Steps As Solana Corrects Hard After 1000% Rally

Several analysts have given their opinion on what lies ahead for Solana (SOL). Based on their prediction, the crypto token could experience a further move to the downside as part of a price correction that seems overdue following its parabolic rise back in 2023, when it saw a gain of almost 1,000%. SOL Could Drop To As Low As $70 Crypto analyst Bluntz Capital suggested in an X (formerly Twitter) post that Solana could drop to as low as $70. From the chart that he shared, he looked to be analyzing SOL’s price movement using the ABC pattern, with a move to $70 being the C wave. If SOL were to drop to that price level eventually, Bluntz mentioned that he would be “max bidding SOL” as he foresees a further move to the upside once the correction is done. Source: X Professional Crypto Derivative Exchange Bitunix shared their SOL price analysis in an X post. They highlighted how the crypto token has broken out of its triangle, something which signals more downside ahead. SOL may initially fall to as low as $76 as a result of this. If it fails to hold above the support at that price level, a further decline towards $65 could occur, Bitunix claims. Related Reading: Bitcoin Recovery: This Massive $500 Billion Investment Could Send Price Above $50,000 Technical analyst LuxAlgo also hinted at a price decline to $76 based on the chart, which they shared in an X post. They noted that Solana had broken its lows as expected and raised the possibility of a “steeper drop” being imminent. Source: X Meanwhile, crypto analyst Tryrex Crypto stated that he is betting on a crash back to $71 for SOL. He mentioned how tempting it might be to open a long position right now and expect a bounce on the current support level. However, he seemed skeptical of such a move as he claims that the previous bounce was “too weak to maintain the trend.” SOL price recovers to $87 | SOLUSD on Tradingview.com Solana To $150 Once All Is Said And Done In a more recent X post, Bluntz stated that the SOL ABC pattern is “starting to look done now.” If that is the case, he expects a trend reversal as the next move to the upside should send SOL to above $150. In the meantime, he said that the crypto token is trying to test and reclaim its prior breakdown range. Related Reading: JP Morgan Reveals Likelihood Of Spot Ethereum ETFs Getting Approved Interestingly, crypto analyst Ali Martinez had raised the possibility of Solana rising to $150 in one of his previous price analyses. However, SOL then failed to close above the $106 price level, which Martinez had highlighted as being critical for this price prediction to materialize. Bluntz’s prediction no doubt provides optimism that the $150 price level remains a possibility. At the time of writing, SOL is trading at around $86, up over 6% in the last 24 hours, according to data from CoinMarketCap. Featured image from ByteTree, chart from Tradingview.com