Is Solana about to take off or crash?
Similarly, pseudonymous analyst Credible also sounded a warning about the future of SOL. For the analyst, “tokens like $SOL are just in a larger distribution structure right now.” However, Credible believes that BTC’s strength will ease pressure on SOL, as it initially “dragged the entire market down with it.”
The analyst agrees with Bluntz’s prediction and says that this is “ultimately where we’re headed,” but he believes that there’s a good chance that Solana will break through the March mark “before it really crashes.”
Nevertheless, some crypto analysts don’t share this pessimistic prediction. DocXBT claims that he’s “seen a lot of bad Solana predictions lately.” The analyst believes that the coin “holds the daily trend” and is showing positive support and resistance levels.
Furthermore, he believes that investors should “stop overthinking” unless “we lose the daily trend” as the performance looks “very clean.”
Similarly, CryptoJelle noted that SOL is “forming higher lows after a breakout.” For the analyst, Solana’s behavior is the same as it did during the February-March period.
Ultimately, Jelle believes that the token may have bottomed out and is now preparing to hit new highs. The analyst predicts that the price of SOL will reach $600 in this cycle.
