Analyst Predicts Solana Could Hit $70 Low As Bearish Stress Sustains

• Analyst “Bluntz Capital” steered Solana could also be gearing as much as hit a brand new low of $70. 
• The altcoin has been on a downward trajectory to this point this month. 
• Solana at present sells for $88 apiece and is down 7.38% within the final seven days.

Cryptocurrency analyst “Bluntz Capital” has steered that Solana’s current value motion could also be indicating a steeper fall within the digital asset’s worth amidst the prevailing bearish market circumstances. 

The analyst famous this risk in a tweet on the social media platform (previously Twitter), hinting that the altcoin could also be gearing as much as take a look at a brand new low. “$SOL” additionally appears to be like like all these weeks of sideways have been in all probability some type of B wave triangle. I‘ll have an interest once more within the low $70s,” the analyst tweeted. 

Ought to the altcoin dip to $70, it will mark the bottom stage for Solana since round mid-December 2023. On the time of wriitng, Solana was exchanging palms for $88, in accordance with CoinMarketCap knowledge. Prior to now 24 hours, SOL has declined by 4.63% and dropped by 7.38% on the weekly chart. 

In the course of the cryptocurrency market resurgence final yr, Solana was one of many main beneficiaries of the worth explosion that was recorded then. Alongside elevated capital influx into the community, Solana additionally benefited from a shift in buyers’ sentiment as curiosity within the blockchain soared. 

In that interval, the Layer-1 blockchain hit a brand new all-time excessive, additional boosted by a memecoin hype frenzy in the direction of the top of the yr. Nonetheless, for the reason that flip of the yr, Solana has struggled to copy the performances it set in 2023. 

To date this yr, Solana’s value has been on a downward trajectory. Prior to now 30 days, the token has been down by 2.72% because the bearish circumstances available in the market maintain. In the meantime, the present $88 value is the bottom the altcoin has recorded to this point in January. 

Nonetheless, Solana isn’t the one main cryptocurrency taking a beating from buyers. As of press time, Bitcoin, Ethereum, and a lot of the prime crypto belongings are lingering within the pink zone. Surprisingly, meme cash corresponding to Dogecoin have seen an upward development not too long ago.