Crypto Analysts Predict Solana (SOL) Price Adjustment

Recent analyses from prominent crypto strategists illuminate Solana's potential market path as it competes with Ethereum (ETH). Insights suggest a probable short-term price correction, followed by a rebound.

Pentoshi's Projection: Potential Dip and Future Outlook

Analyst Pentoshi envisions a possible dip in Solana's price, potentially reaching the $70s. Although not entirely certain, Pentoshi looks forward to trading SOL and holding ecosystem coins for the next year. His chart analysis indicates a dip to around $70 by March's end, followed by a rally towards $90.

Altcoin Sherpa's Insights on Solana's Future

Well-known analyst Altcoin Sherpa shares predictions with over 205 followers. He anticipates Solana's potential dip to specific Fibonacci retracement levels - 0.382 at $84.50 or 0.50 at $71.67. These levels are seen as attractive entry points for long-term investments. Altcoin Sherpa mentions selling some SOL holdings at higher prices.

Rekt Capital's Warning: Key Support Turning into Resistance

Crypto strategist Rekt Capital warns that SOL approaches a critical juncture, where a key support level at $98 might become resistance, possibly leading to a decline into the $70 range. Observing a weak reaction from the range low, he notes the possibility of SOL losing its range low as support. A weekly close below this range could trigger a breakdown into a lower green area.

Solana's Current Market Status

As of the report, $SOL trades at approximately $97.27, marking a 3.5% decrease in the past 24 hours. Year-to-date, $SOL has witnessed a significant 1163% decline.

As Solana faces a possible correction, caution is advised. Analysts highlight key levels and potential weaknesses in the current market landscape. Investors should remain vigilant, considering the fluctuating nature of cryptocurrency markets.