Crypto strategists are warning about the possibility that Solana, a layer-1 protocol (SOL), is on its way to a major corrective action.
Ali Martinez, an analyst on social media platform X, tells his 122.400 followers that Solana’s popularity is at risk of plummeting to levels seen last in October 2024.
The trader believes that SOL needs to stay above an important support level in order to be invalidated.
This is it!” “This is it!
The trader seems to indicate that SOL still appears within an ascending channel. This pattern indicates that the asset is in an upward trend, as it prints higher highs, and higher lows. He notes, however, that losing the $191 support would invalidate the diagonal support of the channel and could end a multimonth uptrend.
SOL, at the time this article was written, is currently trading at $197. This would translate to a decline of 39% if Solana reaches its analyst’s target.
The analyst noted that in one single day, whales sold tens and millions of dollars’ worth of XRP – the third largest crypto asset based on market capital.
At the time this article was written, XRP’s value is $2.24. This represents a drop of over 20% in just one day.
According to Martinez, deep-pocketed Dogecoin investors (DOGE), who also sold their stockpiles.
DOGE, at the time this article is written, trades for $0.227. This represents a decline of over 22% from yesterday.
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As new information becomes available, this post Crypto Strategist Warns That Solana Could Experience ‘Imminent Drop’ of 39%. Here is His Outlook could be updated.
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