The cryptocurrency market is going through a very active period after the big fluctuations at the beginning of the week. Bitcoin experienced a significant loss in value, falling from $70,000 to below $60,000. Evaluating this situation, analysts predict that Bitcoin may fall by another 7%. Additionally, it is stated that Solana (SOL) may drop to $125 with this possible decline.
Altcoin Sherpa, one of the well-known names in the cryptocurrency world, stated that Bitcoin (BTC) may experience a faster correction than expected. In his statement on the X platform, Sherpa stated that it is possible for Bitcoin to decline by 7% from its current level. If it falls below the $62,000 level, he predicts that Bitcoin could drop to $58,000. While Sherpa described this situation as a violent move, he added that a wide trading range continues between $55,000-$73,000. Bitcoin recovered from $60,500 in the morning and rose to $61,700, and this decline indicates a decline of 1.5% in the last 24 hours.
Sherpa noted that Bitcoin's technical indicators do not show a clear direction: "There are many conflicting signals at this level. On the one hand, the one-day exponential moving averages (EMA) provide support, and on the other hand, the balance of the range ($65,200) is a volatile support/resistance." "There is general uncertainty in the short term."
Commenting on the future of Solana (SOL), Sherpa stated that Solana, known as an Ethereum (ETH) rival, could drop to $125. "I think Solana can find strong support between $125-150. I see potential for the price to double after these levels. However, other 'safe' options are limited at this point," Sherpa said. Stating that Solana experienced a 2.79% decrease in the last 24 hours and performed worse than Bitcoin, Sherpa stated that SOL should experience a depreciation of $ 25.
Solana's market cap has fallen below $70 billion again, but it maintains its position in the market rankings. Transaction volume decreased by 17% to 3.7 billion dollars.
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