The crypto market has declined severely this week, on several occasions.
Bitcoin has now declined below $40,000, dragging the rest of the crypto market down with it.
It so happens that Solana, the star crypto of Q4 2023, is part of this cohort.
Despite breaking $100 almost effortlessly, and even hitting $126 sometime in December 2023, Solana has now declined terribly.
Solana has conceded the spot of the 4th largest cryptocurrency on the market to BNB, after briefly overtaking the latter during its initial rally.
At the time of writing, Solana now trades at around $80 as shown above, and is down by nearly 18% over the last week.
However, while the bulls and bears decide where Solana goes next, in this article, we will be going over some of the most interesting predictions on Solana from the internet.
We mentioned earlier, that Solana trades somewhere around $80. However, in a recent tweet from renowned analyst, Altcoin Sherpa on Twitter, the $70 zone might be a good entry point for Solana.
"$70 Solana seems like a fair good price to get in", the analyst says.
This take on Solana suggests that the current $80 hold on Solana might be fleeting and that the cryptocurrency may drop further to $70 before presenting a good buying scenario.
In a similar tweet to Altcoin Sherpa's the self-described @TheLordOfEntry announced that Solana looks "a bit bearish"
"#SOLUSDT looking a bit bearish here with the loss of trend from October, candle closes below this current support and the 77 region starts looking like a thing", the analyst says.
TheLordOfEntry attached a chart snapshot to his Solana outlook, featuring a possible path for the cryptocurrency.
According to this chart, TheLordOfEntry expects Solana to decline further to around $75 (just like Altcoin Sherpa says).
However, this outlook takes a dark turn.
TheLordOfEntry expects the cryptocurrency to print a massive bull trap pattern on its way to $87, before declining further down below $75 again.
Bluntz in a tweet, showed a Solana chart from 2018, with striking similarities with the current price action.
"the real ones remember", the analyst says.
Bluntz says that all of these weeks in which Solana has been ranging is turning out to be some kind of (Elliott) "B wave triangle".
Judging by this, Bluntz Capital expects that even if Solana rallied upwards from here, it would likely hit somewhere around $100, before declining further down to $70, where the "max bidding" point lies.
Jelle, another analyst has a slightly more bullish take on Solana, and says that it might be "time to become a $SOL bull again".
Jelle says that Solana's test of the $80 zone is a retest of the cryptocurrency's "weekly support".
In essence, the analyst expects Solana to "build some structure" or consolidate around this zone, before travelling further upwards.
This rally will likely take Solana far beyond its $125 local high, and towards $150 for a start.
This outlook mirrors almost all of the previous ones.
In a recent tweet, pro forex and crypto analyst, Cypher, shared the Solana chart above, with a chart pattern already drawn.
According to the chart, Cypher expects Solana to decline further down into a retest of $78, before recovering and becoming free to explore higher highs.
While there are no surefire ways to predict Solana's trajectory, we can conclude that most analysts expect the turning point on Solana to hit somewhere between $80 and $70, after which the cryptocurrency will be free to rally further upwards.
A summary of Solana
The chart above combines all the above outlooks on Solana into a risk-to-reward ratio of 6.85%, for a possible long entry.
Solana is at risk of a possible 13% drop if it declines into a retest of $70. On the flipside, a rally to $150 from here, would take the cryptocurrency straight up by a whopping 85%.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.