A cryptocurrency analyst, who appropriately foresaw the marketplace’s backside in 2018, is now specializing in Solana, foreseeing a value backside for the cryptocurrency and figuring out its subsequent goal after attaining it. 

Solana To Rise Above $200 After Hitting This Bottom

In a Wednesday X (previously Twitter) submit, a crypto analyst recognized as ‘Bluntz’ has highlighted a possible value backside for Solana. Following up at the earlier forecast on April 4, the place he predicted that Solana would hit a backside at or underneath $160 ahead of pushing again up, Bluntz printed in his new submit that the following value backside could be $162. 

The crypto analyst anticipates that Solana’s value will hit a backside at $162 ahead of it starts to transport upper, suggesting a conceivable bullish rebound for the cryptocurrency. Sharing a number of value charts illustrating Solana’s value actions between March and April 2024, Bluntz makes use of the Elliot wave concept as a technical trend to lead his predictions.

The Elliott wave theory is a novel type of technical research which predicts value actions via looking at and figuring out recurrent long-term value patterns associated with power adjustments in investor sentiment and psychology.  

In his previous submit, Bluntz shared a value chart which indicated that Solana’s subsequent leg up after hitting the anticipated value backside could be $224. He estimated the timeline for this important surge, predicting that the cryptocurrency may bounce to $224 ahead of April 22. 

Solana is now buying and selling at $151. Chart: TradingView

Price Update On Solana (SOL)

Lately, the value of Solana has been on a big downward development, recording double-digit losses for the previous few weeks. At the time of writing the cryptocurrency is buying and selling at a value of $151.15, marking a 12.32% lower within the ultimate 24 hours and a 13.93% drop previously week, in keeping with CoinMarketCap. 

This steady decline has been attributed to the congestion problems Solana’s community these days faces. Earlier in April, Solana had fallen sufferer to a community outage, leading to about 75% of transactions at the community failing. This led to a big disruption within the blockchain’s operations, elevating issues amongst buyers and the wider crypto neighborhood. 

Following the blackout, the value of Solana plummeted considerably and has endured on a downward development. Despite scheduling April 15 for a network resolution, the cryptocurrency’s worth has now not proven any certain reaction. 

It’s additionally necessary to notice that Solana’s present value has dropped means underneath the in the past stipulated backside of $162 predicted via Bluntz. The chance of a bullish rebound for the cryptocurrency stays unsure, as extra doubts were raised in regards to the community’s talent to take care of vital transaction volumes. 

Featured symbol from Pexels, chart from TradingView

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