One of the biggest stars of the 2021 cryptocurrency bull run was Solana (SOL). After successful transactions began in 2020, Solana surged to $260 within just 1.5 years but later collapsed. The collapse of the FTX exchange, one of the biggest forces behind SOL, in November 2022 led to SOL dropping to single-digit price levels at the beginning of 2023.
Analysts' Comments
After hitting a periodical low at the beginning of 2023, there were comments suggesting SOL might be finished, but the situation reversed dramatically with an incredible recovery. Following this recovery, the price returned to over $200 within just one year, astonishing the entire market. Today, with the general market decline, SOL has dropped to $132. Two different analysts have made upward predictions for SOL. First, well-known market figure Ali Martinez stated today that according to the TD sequential indicator, SOL might be on the verge of a recovery. Martinez’s statement was as follows: CITE_W_A: "The TD Sequential indicator gave a buy signal on the daily chart for #Solana $SOL, indicating a potential recovery within one to four daily candlesticks." The TD sequential indicator generally examines a 9-day candlestick process, and the visual shared by Martinez showed a bullish candlestick. Secondly, another well-known market figure, The Moon, noted that Solana had formed a local double bottom and might be in a reversal phase based on the horizontal channel. Moon’s forecast indicated targets of $135, $148.5, and finally $161, drawing attention with his bullish prediction.
Solana's Price
Although Solana’s price rose over 4% today to reach $134, the 7-day price movement indicates an 8.24% decline. This decline can be seen as a reflection of the general market trend. In recent months, especially due to the meme coin craze, SOL’s price had visibly outperformed the market. SOL’s market cap rose to $62.2 billion due to the price movement, positioning it 5th in the market. Despite the price rise, trading volume fell by 17%, dropping to $2 billion. While analysts’ predictions include upward expectations, it’s important to consider the general market conditions.
Conclusion
Analysts predict a potential recovery for Solana despite the overall market decline. The TD Sequential indicator and technical analysis by The Moon indicate possible recovery points and price targets. It's important to monitor general market movement and further news.
Analysts predict a potential recovery for Solana despite the overall market decline. The TD Sequential indicator and technical analysis by The Moon indicate possible recovery points and price targets. It's important to monitor general market movement and further news.
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