Solana’s Stagnation Sparks Concern: Analyst Declines This Key Level Will Ever Return
Solana's sideways movement triggers alarm bells across crypto markets.
Market analysts deliver sobering assessment of SOL's trajectory.
Technical indicators suggest permanent departure from previous support zones.
Trading volume dwindles as institutional interest shifts to emerging alternatives.
The once-high-flying blockchain faces its toughest scalability test yet.
Remember when traditional finance experts said crypto volatility would stabilize? So much for that prediction.
Solana (SOL) might have underperformed by failing to meet expectations in August, and although it is yet to be seen what the weeks ahead will bring for the altcoin, one analyst is convinced that SOL is primed for success.
In a post shared to X, crypto analyst XForceGlobal responded to the mass criticism directed at the 6th largest cryptocurrency by market cap. In the post, the market player appeals to investors to contain their frustrations, and remarked that SOL was in fact behind the altcoin rally recorded in the previous month.
Notably, according to data from CoinMarketCap, solana (SOL) secured 23.75% worth of gains over the last 30 days. The asset opened in August with a price of roughly $151.62 and closed the month with a price of $200.86.
The gains equate to an average addition of about $49.24 over this period, driven by positive market sentiment, ecosystem growth in DeFi, and NFTs. Remarkably, SOL has emerged as the best-performing altcoin behind XRP and HYPE since August.
The analyst further made a bold prediction for the asset, stating that SOL bulls are unlikely to trade under the $70 price mark. In fact, the altcoin is poised to trade at a never-before-seen level once it exits its current market phase.
As the analyst’s post reads;
“Everyone needs to give Solana some slack. This coin is what sparked the entire bull run and memecoin frenzy. That being said, I don’t see it ever trading below $70 at any given time. Once SOL finishes this distribution phase, we are off to new astronomical highs.”
During the time of this report, Solana (SOL) is trading for $207.21 per coin. Down 2.34% over the last 7 days, the altcoin appears to be taking a slow path to recovery.
