In a remarkable week for the cryptocurrency market with Bitcoin (BTC) reaching the US$72,000 mark, the Solana (SOL) blockchain has once again attracted attention with its recent growth and approach to a notable milestone in its network. However, one analyst shared a prediction of a drop in the price of the SOL token.
Renowned cryptocurrency analyst Ali Martinez highlighted on March 14 a prediction that the price of Solana could fall by up to 28%.
The expert noted that the TD Sequential indicator is showing a sell signal on the Solana token’s daily chart, emphasizing that the fifth-largest asset could experience a drop to the $152 or $127 levels soon.
“TD Sequential presents sell signal on Solana daily chart! Since December 2023, whenever this indicator suggested selling, the price of $SOL fell by 17% to 28%. A similar outlook could see SOL return to $152 or even $127,” the analyst wrote.
The TD Sequential presents a sell signal on the #Solana daily chart!
Since December 2023, every time this indicator suggested selling, the price of $SOL dropped by 17% to 28%. A similar outlook could see #SOL retrace to $152 or even $127. pic.twitter.com/3JbXdabK3v
— Ali (@ali_charts) March 14, 2024
At the time of publication, the price of Solana was listed at US$167.97, up 9.5% in the last 24 hours. The SOL cryptocurrency has seen a growth in its price of 15.8% in the last seven days.
Solana (SOL) is close to reaching ATH
The Solana ecosystem is close to reaching a significant milestone, with its market capitalization all-time high (ATH) approaching the $80 billion mark.
However, the approach to the notable milestone may take a backseat to a community concern that has been attracting a lot of attention: the supply of Solana tokens was inflated by around 300 million to 443 million in a period that began in the last bull market.
However, this increase in supply could mean there are some far-reaching implications for the value of the Solana cryptocurrency and investor sentiment.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/preco-do-solana-caira-28-analista-preve-queda-da-criptomoeda-sol/
