Solana

April

Profit Blue

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/solana-price-analysis-analyst-expects-sol-price-drop-to-16-in-coming-weeks/">Solana Price Analysis: Analyst Expects SOL Price Drop To $16 In Coming Weeks</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The Solana (SOL) price has undeniably struggled to rally beyond the pre-FTX support level, around $26, which has acted as a strong resistance zone. Trading around $23.15 on Thursday, Solana’s price was retesting crucial support offered by the weekly 50-moving average that has been a resistance trendline since April 2022. The same support level was used during the 2021 bull rally correction that yielded the ATH around $260.&nbsp;</p> 
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<h2 id="profit-blue-spots-solana-short-term-weakness" data-name="profit-blue-spots-solana-short-term-weakness" class="wp-block-heading">Profit Blue Spots Solana Short-Term Weakness&nbsp;</h2> 
<p>According to a popular crypto analyst who has been in the industry since 2014 under the pseudonym Profit Blue on the X platform, Solana is very likely to continue correcting sub $20 in the coming weeks. With the recent weakness in Bitcoin’s bullish stance, the analyst thinks Solana’s price could easily drop towards $16 after dropping below the crucial supply and demand zone between $23.25 and $25.&nbsp;</p> 
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   <p lang="qme" dir="ltr"><a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Solana</a> <a href="https://t.co/qaqnJwjZVH" rel="noopener noreferrer nofollow">pic.twitter.com/qaqnJwjZVH</a></p>— PROFIT BLUE (@profit8lue) <a href="https://twitter.com/profit8lue/status/1692054113822114263?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 17, 2023</a> 
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<p>Notably, the analyst argued that Solana’s price has been trading inside a macro symmetrical triangle, which is fast approaching its breakout end. In this regard, Profit Blue thinks the lower border of the triangle will offer a substantial support level&nbsp;</p> 
<h2 id="thriving-ecosystem" data-name="thriving-ecosystem" class="wp-block-heading">Thriving Ecosystem&nbsp;</h2> 
<p>The Solana (SOL) network has thrived to a mature Web3 ecosystem supporting complex smart contracts. With approximately $316 million in total value locked, the Solana ecosystem takes pride in over $1.5 billion of stablecoins market capitalization. Furthermore, the Solana network is the only Web3 ecosystem with an operational smartphone oriented in the blockchain industry.</p>

Solana Price Analysis: Analyst Expects SOL Price Drop To $16 In Coming Weeks

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