Solana Price Forecast – Crypto Expert Predicts How Low SOL Will Fall by Next Spring Simon Chandler | usagoldmines.com

The Solana price has plunged by 8% in the past 24 hours, dropping to $131 as the cryptocurrency market suffers another big selloff today.

While SOL has bounced a little in the past hour, its losses across the past few weeks have been substantial, standing at 25% in a week and 44% in a month.

And today’s latest dive has really set off a wave of negativity in the market, with one analyst – known by their X handle of JACKIS – now predicting that the Solana price will drop to $100 before it recovers fully.

Given the current mood and trajectory of the market, such a fall is entirely possible in the near term, yet Solana’s fundamentals should enable the coin to recover substantially in the longer term.

Solana Price Forecast – Crypto Expert Predicts How Low SOL Will Fall by Next Spring

Solana’s chart today shows the alt nearing a hard bottom, with its indicators strongly signalling that it should rebound soon.

Probably the most significant feature is the fact that its 30-day average (orange) has formed a ‘death cross’ with the 200-day (blue), indicative of a big selloff.

Well, this selloff appears to be happening right now, with SOL’s relative strength index (purple) dropping below 30 today.

Previous bottoms have tended to lead into rallies, as we saw in mid-December and mid-January.

Yet some analysts seem to think that the Solana price will not recover immediately, and that we may have to endure several more days or even weeks of losses.

This is the view of online trader JACKIS, for example, who predicted yesterday that SOL will slide down to $100 before it enjoys a concerted recovery.

In fact, some traders are even more pessimistic than this, with TylerBueno noting that it could replicate the fall it witnessed back in 2022/23, when it dropped from $250 to $8.

Not everyone, however, believes that further dives are coming, with Real Vision CEO Raoul Pal highlighting yesterday how various indicators show SOL as massively oversold.

While Pal may be optimistic insofar as the near term is concerned, Solana’s fundamentals certainly support the notion that SOL deserves a much higher price.

Not only is Solana the second-biggest layer-one network in terms of TVL, but it has updates on the horizon – such as the Firedancer upgrade – that will only strengthen its status as one of the best platforms for meme coins and DeFi.

Based on its underlying strength and utility, the Solana price should return to $150 at some point in Q2, before rising back up to $250 by Q4.

Layer-Two Platform Aims to Turbocharge Solana

Since SOL may not do that much for the next few weeks, traders may be eager for alternatives, which, during a bear market, usually means newer and more volatile small-cap tokens.

The problem is, it can be very hard to determine which new coin is going to outperform the market, given the sheer number of them.

But one way of narrowing the field is to look for the biggest presale coins, which can often rally big when they list for the first time.

A good example of a very promising presale token is Solaxy (SOLX), which has the distinction of being Solana’s first ever layer-two network.

It has raised a whopping $23.8 million in its ongoing presale, with investors excited by its strong fundamentals and market potential.

As an L2, Solaxy will provide Solana users with faster transactions and lower fees, while it will also enable instant bridging between itself and its parent network.

Its team will add compatibility with other chains over time, making it accessible and attractive to a greater number of traders and developers.

And given that SOLX will be necessary to pay transaction fees, the coin is likely to experience very strong demand.

Investors can join its sale by going to the Solaxy website, where SOLX is currently selling at $0.001648.

This price will rise later today, and all the early signs suggest that it could explode once it lists in the next few weeks.

The post Solana Price Forecast – Crypto Expert Predicts How Low SOL Will Fall by Next Spring appeared first on Cryptonews.

This articles is written by : Nermeen Nabil Khear Abdelmalak

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