Crypto analyst Crypto Jelle predicts a significant decline for Solana (SOL), potentially dropping to $140 amid current bullish sentiment and market volatility.
Well-known cryptocurrency analyst and trader Crypto Jelle has provided insights on the price action of SOL, warning the company that there will probably be a significant decline that could push the price of the digital asset back to $140 amid a wave of bullish sentiment that is sweeping through Solana and the cryptocurrency market.
According to Crypto Jelle’s analysis, there are signs that the momentum behind Solana’s price movement is diminishing, and any persistent increase could run into problems at resistance levels.
Solana Is Positioned For A Reversal
In the last few weeks, the market has been quite volatile, and investor sentiment has fluctuated, making it difficult for Solana to negotiate. Solana’s price has moved in a bearish manner today, falling from the $161 mark to $149.
Crypto Jelle has offered his analysis of the drop, speculating that there may be a significant correction of the coin to around $140. His forecast explores why SOL failed to continue a positive trend that began a few months ago.
Crypto Jelle claims that SOL could not replicate the pattern from February and March when a notable increase broke above $200. The inability of Solana to continue climbing and break through key resistance levels points to potential bearish swings shortly. With SOL’s rejection and lack of support, CryptoJelle predicted it would soon tumble to $140.
The analyst becomes cautious when there is a lot of volatility in the bitcoin market and significant price swings occur frequently. The projection also acts as a helpful reminder of the volatility of digital assets and the need for cautious trading strategies.
What is Solana’s potential future course?
Crypto experts have made several predictions based on Solana’s price behavior over the last few days. Credible Crypto, a cryptocurrency expert, provided a thoughtful analysis of SOL on Wednesday, highlighting that the price is approaching a critical juncture when significant levels of support and resistance could dictate its future course in the months ahead.
The analyst claims that Solana is in a similar situation to Dogecoin (DOGE), the giant meme coin, which he previously discussed a few weeks ago. Moreover, he pointed out that this was the last encouraging development that prevented SOL’s price from falling to $115.
Credible Crypto said in his most recent post that he is entirely out of shorts and is waiting to see what kind of response SOL would generate because this is where he will most likely see any relief.
The good news is that SOL and DOGE hit their respective “make it or break it” levels when Bitcoin fell to its lowest points. Therefore, if Bitcoin reverses at this point, SOL and DOGE will do the same, at least briefly, citing this scenario as the most logical course of action.
