Solana Moves To Tipping Point With Possible Drop To $70 Before the Bull Run
Solana rose dramatically to occupy the fifth position in the ranking of crypto assets by market cap.Also, SOL joined the top-performing assets from 2023 as it displayed an impressive growth pattern toward the year's end.
However, the prevailing pressure from the bears has overwhelmed most assets, including Solana.
The latter has shed some of its value. Based on the current downtrend, a prominent crypto analyst revealed that SOL has entered its tipping point and will continue to play in the red till it hits $70.
Solana Initiates A Price Correction That Will Propel Future RallyTop crypto trader and analyst Bluntz (known as @Bluntz_Capital) recently laid out some interest growth pathsfor Solana. According to the trader, the token will face a correction as the price continues to decline.
Bluntz further stated that Solana will witness a great rally that will follow its negative movement.
$SOL also looking like all these weeks of sideways was probably some kind of B wave triangle.
ill be interested again in the low $70s pic.twitter.com/0n3rI6rUaO
- Bluntz (@Bluntz_Capital) January 22, 2024
Further, Bluntz offered a Solana price chart to support his analysis. The trader highlighted that the token had indicated a B-wave triangle with sideways trends.
$SOL also looking like all these weeks of sideways was probably some kind of B wave triangle.
ill be interested again in the low $70s pic.twitter.com/0n3rI6rUaO
- Bluntz (@Bluntz_Capital) January 22, 2024
Notably, the price movements display some elements of uncertainty. However, the analyst placed his attention on the potential low existing within the $70 support region.
But for now, the asset has not slipped below the $80 zone despite the prevailing bearish trend in the broader crypto market.
Picking the $70 mark reflects the worst-case scenario for SOL. If it occurs, it would represent the point where several participants will start to accumulate the token. According to Bluntz's analysis, Solana will scale up to $150 after dipping to $70.
Such a rally will indicate the token's best price movement since two years ago.
Solana's Impressive Ecosystem Backs Its GrowthSolana is among the few protocols within the crypto space that display relevant real-world utilities. Most of its use cases have been supporting the growth of the coin.
Notably, the increasing value improves the token's appeal and demand in the industry. This helps to boost its adoption, stimulating a possible rise in its price.
The Solana Mobile Saga is one of the developments in the ecosystem that has brought a huge positive impact on the token. It's a mobile phone that includes Web3 for users to experience its unique feel.
As a move to attract more attention, Saga was listed on eBay, a popular online sales platform.
Though the price is more than $5,000, the sales offer a free airdrop of 30 million BONK coins to owners.Also, Solana has become a reliable base for meme coins and many crypto assets.
The ecosystem houses more than 200 different digital assets, including notable meme coins with potential for higher gains.
Some of the meme coins within the Solana ecosystem include Bonk, Dogwifhat, Sponge V2, Fronk, Moonlana, and others.These factors and more contribute to SOL's price gains and will likely help in boosting its price amid the bearish pressure.
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