The post Solana Price Prediction: Analyst Warns of Major SOL Price Crash appeared first on Coinpedia Fintech News
The Solana (SOL) network, a top-tier web3 ecosystem aiming to dethrone Ethereum (ETH) as the top smart contract blockchain, has experienced a significant rise in on-chain activity in recent times. Amid heightened fear of further crypto sell-off in the coming weeks, the Solana price invalidated a possible bullish breakout following a notable decline last week and on Monday.
According to the latest market data, Solana’s price has dropped more than 21 percent in the past two weeks. However, the large-cap altcoin, with a fully diluted valuation of about $80 billion, rebounded over 15 percent in the last 24 hours to trade around $138 on Tuesday during the mid-London session.
Analyst Issues Warning for Solana Traders
The TD Sequential indicator is now showing a sell signal on the #Solana hourly chart, suggesting a potential dip to $135-$130. However, breaking the risk line at $146 would invalidate this signal, potentially driving $SOL up to $150-$166. pic.twitter.com/71hIvEksuj
— Ali (@ali_charts) August 6, 2024
According to crypto analyst Ali Martinez, Solana’s hourly price has approached a crucial point that could either yield further bullish rebound or capitulation ahead. The crypto analyst noted that the TD Sequential indicator has flashed a sell on SOL’s hourly time frame.
Consequently, the crypto analyst expects Solana’s price to retrace towards the range between $130 and $135. However, the bearish sentiment could be invalidated if Solana’s price consistently closes above $146 in the coming days, potentially pumping the altcoin toward $166.
Market Picture
BREAKING BIG: Solana's daily DEX trading volume made a new All-Time High today, surpassing $4B for the first time. pic.twitter.com/cRKXXJ7OTT
— SolanaFloor (@SolanaFloor) August 6, 2024
The Solana network, with more than $4.4 billion in total value locked (TVL) and over $3.5 billion in stablecoins market cap, has gradually outshone Ethereum’s Web3 activity. Despite lacking in the spot ETF market, Solana’s on-chain activity has gradually grown, fueled by its meme coin industry.
Consequently, after consolidating in the past seven months, the SOL/ETH pair is on the verge of bullish breakout to a new all-time high.
