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A trio of traders is expressing a collective belief that the smart contract platform Solana (SOL) is progressing toward lower prices before experiencing a resurgence in bullish momentum.
Bluntz's Analysis Points to Price Decline
We begin with the insights of the pseudonymous crypto analyst Bluntz, who communicates his views to a substantial audience of 237,900 followers on the social media platform X.
Bluntz parallels SOL's current price action and Bitcoin's late 2018 performance, noting a pattern where a collapse precedes a subsequent parabolic surge.
According to Daily Hodl, SOL has breached the support of a triangle pattern, signaling its journey toward its projected downside price target. The analyst remains open to a final exit pop or a direct breakthrough of support, emphasizing that if SOL reaches the low $70s, he is prepared to maximize bids on SOL. Bluntz's chart indicates that SOL may rally above $110 following a bounce from the $70 level.
Pentoshi's Perspective Aligns With Bearish Correction
According to Watcher Guru, top trader Pentoshi, with a sizable following of 744,100 on X, suggests that SOL will likely revisit its support at $70. Pentoshi's chart analysis also implies an anticipated bounce for SOL after undergoing a correction to the vicinity of $70.
Altcoin Sherpa Envisions a Drop to Fibonacci Retracement Level
Completing the trio, Altcoin Sherpa shares his perspective with his 206,200 followers on X, predicting that SOL could drop to the 0.50 Fibonacci retracement level. "SOL: $70 Solana seems like a fair price to get in," Altcoin Sherpa positions $70 as a potentially favorable entry point.
As of this writing, SOL is valued at $84.66, and the collective outlook from these traders suggests a cautious approach. They foresee a period of correction before potential bullish momentum regains its footing.
Photo: Sajad Nori/Unsplash
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