A cryptocurrency expert who accurately predicted the market’s bottom in 2018 is now turning their attention to Solana, forecasting a price bottom for the cryptocurrency and outlining its potential target post-recovery.
Anticipated Rise of Solana Above $200 Following Price Bottom
In a recent post on X (formerly Twitter), the crypto analyst known as ‘Bluntz’ has pinpointed a likely price floor for Solana. Building on their earlier projection from April 4, where they foresaw Solana hitting a bottom at or below \(160 before rebounding, Bluntz now reveals in their latest update that the upcoming price floor is set at \)162.
Bluntz envisions Solana’s price stabilizing at $162 before embarking on an upward trajectory, signaling a potential bullish upturn for the cryptocurrency. Through the utilization of multiple price charts depicting Solana’s price movements from March to April 2024, Bluntz employs the Elliott wave theory as a technical framework to support their forecasts.
The Elliott wave theory, a distinctive form of technical analysis, forecasts price movements by recognizing recurring long-term price patterns associated with enduring shifts in investor sentiment and psychology.
In their previous communication, Bluntz shared a price chart indicating that Solana’s next upward movement subsequent to hitting the projected price bottom would target \(224. They outlined a timeline for this notable surge, suggesting that the cryptocurrency could surge to \)224 by April 22.
Current Price Update on Solana (SOL)
Recently, Solana’s price has been experiencing a significant downward trend, registering double-digit losses over the past few weeks. At present, the cryptocurrency is valued at $151.15, reflecting a 12.32% decline in the last 24 hours and a 13.93% drop over the past week, as reported by CoinMarketCap.
This persistent decline has been attributed to the network congestion issues plaguing Solana. In early April, Solana encountered a network outage, leading to approximately 75% of transactions on the network failing. This incident caused substantial disruptions in the blockchain’s operations, triggering concerns among investors and the wider crypto community.
Subsequent to the outage, Solana’s price experienced a significant drop and has since continued its downward trajectory. Despite setting April 15 as the date for network resolution, the cryptocurrency’s value has not exhibited any positive response.
It is noteworthy that Solana’s current price has fallen well below the previously projected bottom of $162 forecasted by Bluntz. The likelihood of a bullish recovery for the cryptocurrency appears uncertain, with growing doubts surrounding the network’s capacity to manage substantial transaction volumes.
Image source: Pexels, chart reference: TradingView