Market Expert Reveals Why Solana Price Is Poised To Go Higher

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A cryptocurrency expert, who correctly predicted the market’s lowest point in 2018, is currently scrutinizing Solana. He believes that Solana’s price will hit a low point soon and then aims to determine its next significant level once it recovers.

Solana To Rise Above $200 After Hitting This Bottom

On his Wednesday post on the ex-Twitter platform, crypto expert ‘Bluntz’ pointed out a possible minimum price for Solana based on his analysis. Previously, he had forecasted that Solana would reach its lowest point at or below $160 before bouncing back up on April 4. In his recent update, Bluntz announced that the upcoming minimum price would be slightly higher, at $162.

A crypto expert believes that Solana’s price will reach its lowest point at $162 before it bounces back, indicating a potential bullish recovery for the digital currency. Utilizing Elliot wave theory as a technical framework, Bluntz presents various charts showing Solana’s price fluctuations from March to April 2024.

The Elliott Wave Theory is a distinctive approach to technical analysis that uses the identification and interpretation of recurring long-term patterns in stock market prices to forecast future price movements, based on the ongoing shifts in investor attitudes and emotions.

Previously, Bluntz posted a chart showing Solana’s expected price rise after reaching its projected low. He believed this upward trend could occur by April 22, bringing the cryptocurrency price up to $224.

Price Update On Solana (SOL)

Recently, Solana’s value has been decreasing significantly. In just the last day, its price dropped by 12.32%, and over the past week, it fell by 13.93%. According to CoinMarketCap, at the moment of writing, Solana is being sold for $151.15.

The persistent decrease in Solana’s performance is linked to the network’s current congestion problems. In late April, Solana experienced a network failure that caused around three-quarters of its transactions to fail. This significant disruption affected the blockchain’s functionality and sparked worry among investors and crypto enthusiasts.

After the power outage, Solana’s price took a major hit and has been declining steadily since then. In spite of setting April 15 as the target date for resolving network issues, the value of this cryptocurrency has failed to rebound.

The price of Solana has fallen significantly below the $162 mark forecasted by Bluntz. There’s uncertainty about whether the cryptocurrency will experience a bullish recovery, as concerns have arisen about its capability to manage large transaction volumes.

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2024-04-13 19:34