{"id":2747,"date":"2023-12-01T00:25:39","date_gmt":"2023-12-01T00:25:39","guid":{"rendered":"https:\/\/solanacrypto.news\/2023\/12\/01\/analyst-warns-sol-might-plunge-18-as-expert-says-this-bitcoin-cloud-mining-platform-is-poised-to-explode\/"},"modified":"2023-12-01T00:25:39","modified_gmt":"2023-12-01T00:25:39","slug":"analyst-warns-sol-might-plunge-18-as-expert-says-this-bitcoin-cloud-mining-platform-is-poised-to-explode","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2023\/12\/01\/analyst-warns-sol-might-plunge-18-as-expert-says-this-bitcoin-cloud-mining-platform-is-poised-to-explode\/","title":{"rendered":"Analyst Warns SOL Might Plunge 18% As Expert Says This Bitcoin Cloud Mining Platform Is Poised To Explode"},"content":{"rendered":"
\n
\n
\n
\n

Join Our Telegram <\/a><\/u>channel to stay up to date on breaking news coverage<\/p>\n<\/div>\n<\/div>\n<\/div>\n

The Solana price saw a 3% drop in the last 24 hours to trade at $59.54<\/a> as of 5 a.m. EST, while the token\u2019s daily trading volume has also dropped by over 12%.<\/p>\n

A closely followed crypto strategist, Altcoin Sherpa on X, told his followers that he expects SOL to be one of the cryptos that will lose some of their gains before the next rally. Apart from SOL, he also expects LINK and AVAX to see similar behavior.<\/p>\n

\n

Many .382 fibs + 200 EMAs (4h) are coming up on some of the best coins. $LINK<\/a> $SOL<\/a> $AVAX<\/a> <\/p>\n

These areas + the .50 fib are the regions I’m eyeing<\/p>\n

Expecting more of a grind down before any strong continuation. Would like to see grind down + consolidation to form a base + strong\u2026 pic.twitter.com\/Cw8uegKlEu<\/a><\/p>\n

\u2014 Altcoin Sherpa (@AltcoinSherpa) November 27, 2023<\/a><\/p>\n<\/blockquote>\n

For Solana, this could lead to an 18% plunge down to the price of $48.72, according to the Altcoin Sherpa.<\/p>\n

Solana Price Forecast With Experts Warning Of Slow Grind Down<\/h2>\n

While Solana\u2019s price is up by nearly 3% on the weekly chart and by over 73% monthly, experts such as Altcoin Sherpa believe the coin will see a correction soon.<\/p>\n

The expert\u2019s opinion is further backed by the apparent weakness of buyer\u2019s power as seen on the chart below, which is likely to lead to a retest of the critical support at $50 and possibly a further drop to the $42-$45 range before the bulls return to buy the dip and push the price back up.<\/p>\n

\"SOLUSDT

While there is no guarantee that this will happen, the fact is that Solana is at a crucial decision point. A correction seems imminent if it fails to break resistance or surge higher, especially since the coin fails to get back into the bull channel.<\/p>\n

But, since it has not yet broken to the downside, a correction is not a certainty; even a tiny positive development could turn things around for the coin and help it secure a position above the resistance at $60.<\/p>\n

In the long term, SOL will likely see a return to the resistances at $100, $150, $200, and $250, and will likely skyrocket to a new all-time high.<\/p>\n

However, this is unlikely to happen before early 2025, as it would require one of the massive bull runs, such as the ones seen in 2021 and before that, in 2017.<\/p>\n

In the short term, however, Solana has two key price levels: a solid resistance at $67, which was its crucial support back in August 2021, and a resistance at $79, which held its price in 2022.<\/p>\n

But, both seem out of reach with the buying power failing, so unless the new rally commences, SOL will, most likely, see a correction to the mid-$40 level in days to come.<\/p>\n

Solana Price: Promising Alternative<\/h2>\n

BTCMTX, a crypto token powering the Bitcoin Minetrix<\/a> project, has seen one of the biggest presales this fall. The project has raised over $4.55 million, with its token selling at $0.0119. Some analysts even say it might explode 10X on launch.<\/p>\n