Token

Solana

Solana (SOL) has emerged as a prominent player in the dynamic world of cryptocurrency, showcasing a remarkable uptrend and delivering <a href="https://www.newsbtc.com/news/altcoin-delight-solana-balloons-to-50-nearly-triples-in-a-month-heres-why/" target="_blank" rel="noopener ">substantial gains</a>. Despite a modest 3.6% correction in SOL price over the past 24 hours, the native token of the blockchain platform has recorded a significant increase of 43% over the past fourteen-day period. 
However, the sustainability of these gains<a href="https://www.newsbtc.com/news/solana/solana-520-in-1-year-metric-worrying-for-bulls/" target="_blank" rel="noopener "> may be in jeopardy</a>, as the SOL price appears poised for a significant decline and deep correction following an impressive 346% surge over the past year. 
<h2 id="sol-price-vulnerable-to-significant-drop-30-in-sight">SOL Price Vulnerable To Significant Drop, $30 In Sight</h2> 
Crypto analyst Ali Martinez has shed light on the potential challenges ahead for SOL. Martinez <a href="https://x.com/ali_charts/status/1726627576242909309?s=20" target="_blank" rel="noopener nofollow">highlights </a>the TD Sequential indicator, which currently shows a sell signal on the weekly chart of SOL. 
The TD Sequential indicator, developed by market technician Thomas DeMark, is a technical analysis tool to identify potential trend reversals or exhaustion points in price movements. 
<img loading="lazy" decoding="async" class="size-large wp-image-561635" src="https://www.newsbtc.com/wp-content/uploads/2023/11/F_Y2nl-bcAAzym6.jpeg?w=860&amp;resize=860%2C479" alt="SOL price" width="860" height="479" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/F_Y2nl-bcAAzym6.jpeg?w=2837 2837w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_Y2nl-bcAAzym6.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_Y2nl-bcAAzym6.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_Y2nl-bcAAzym6.jpeg?w=860&amp;resize=860%2C479 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_Y2nl-bcAAzym6.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_Y2nl-bcAAzym6.jpeg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_Y2nl-bcAAzym6.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_Y2nl-bcAAzym6.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
The indicator consists of consecutive candlesticks that meet specific criteria based on the time and price movements. It looks for specific <a href="https://www.newsbtc.com/news/solana/solana-price-momentum-ftx-sell-off-ends/" target="_blank" rel="noopener ">patterns in the price action</a>, including the arrangement of consecutive highs and lows and the overall trend direction. 
When the TD sequential indicator generates a sell signal, as seen on the SOL chart above, it indicates that the token is reaching a point of exhaustion in its uptrend, possibly indicating an impending correction or reversal. 
According to Martinez, if the <a href="https://www.newsbtc.com/news/solana/solana-whale-deposits-10m-sol-binance-bearish/" target="_blank" rel="noopener ">bearish formation</a> depicted by the TD Sequential indicator is confirmed, market participants may witness a downward swing for SOL price, potentially pushing it towards $45 or even dipping as low as $30.&nbsp; 
<h2 id="solana-defies-correction-worries">Solana Defies Correction Worries</h2> 
Despite the potential for a price correction in the coming days or weeks, Solana has demonstrated impressive growth across various fundamental metrics, as revealed by <a href="https://tokenterminal.com/terminal/projects/solana" target="_blank" rel="noopener nofollow">data </a>provided by Token Terminal. 
When examining market capitalization, <a href="https://www.newsbtc.com/news/solana/coinbase-driving-solana-bull-run-will-sol-2x-to-80/" target="_blank" rel="noopener ">SOL’s circulating supply</a> currently stands at $24.62 billion, denoting a remarkable increase of 138.78%. Furthermore, the fully diluted market cap is estimated at $32.77 billion, reflecting a substantial growth rate of 134.29%. 
SOL’s revenue has also grown significantly, with a notable increase of 106.55% over the past 30 days, amounting to $1.26 million. Scaling these figures to an annualized revenue of $15.28 million represents a healthy growth rate of 43.10%. 
Transaction fees have also played a key role in SOL’s revenue generation. Over the past 30 days, transaction fees increased by 106.55% to $2.51 million. This represents a growth rate of 43.10% when extrapolated to annualized fee revenue of $30.56 million. 
Solana’s <a href="https://www.newsbtc.com/news/solana/sol-price-reaches-41-but-whats-happening-in-solana-ecosystem/" target="_blank" rel="noopener ">growing ecosystem</a> is further evidenced by an increase in daily active users, which currently averages 128,180, reflecting a notable growth rate of 53.6% over the past 30 days.&nbsp; 
Additionally, the platform has seen an average of 82.83 core developers actively contributing to its development, indicating a growth rate of 13.1%. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/aDfhFzpE/" alt="SOL price" width="1815" height="858"> 
Currently, SOL is trading at $58, with the next support level at $55, which will be key to the token’s prospects. 
Featured image from Shutterstock, chart from TradingView.com

SOL Price Forecast Takes Bearish Turn, Prepare For Potential Plummet To $30 Or Lower

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