Cryptocurrency

VeChain

Solana

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 <p class="paragraph">After a <a rel="noopener noreferrer nofollow" title="strong" href="https://thebittimes.com/tag/strong.html">strong</a> 2023, which saw Solana (SOL) adding over 200% to its value, this cryptocurrency has hit a rough patch recently, which erased almost 30% of its price. And it seems that the worst is yet to come for SOL.</p>
 <p class="paragraph">In response to this trend, analysts are now forecasting substantial declines in the valuation of SOL in the coming days. While there may be a temptation to initiate a long position at present, anticipating a rebound from the current support level, it’s noteworthy that the preceding rebound lacked the strength to sustain the overall trend.&nbsp;</p>
 <p class="paragraph">The expectation is a subsequent decline, potentially retracing to $71, as per X post by cryptocurrency analyst <em>Tryrex</em> on January 22.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“It might be tempting to open a long right now and expect a bounce on this support level. However, the previous bounce was too weak to maintain the trend. I am betting on a crash back down to $71.”</p>
 </blockquote>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="492" src="https://cdn.thebittimes.com/images/2024/01/23/310198fbd2d188207a05cda0eedc83d0.webp" alt="Support level of SOL. Source: Tryrex" class="wp-image-150776" srcset="https://cdn.thebittimes.com/images/2024/01/23/310198fbd2d188207a05cda0eedc83d0.webp 1024w, https://cdn.thebittimes.com/images/2024/01/23/310198fbd2d188207a05cda0eedc83d0.webp 300w, https://cdn.thebittimes.com/images/2024/01/23/310198fbd2d188207a05cda0eedc83d0.webp 768w, https://cdn.thebittimes.com/images/2024/01/23/310198fbd2d188207a05cda0eedc83d0.webp 1536w, https://cdn.thebittimes.com/images/2024/01/23/310198fbd2d188207a05cda0eedc83d0.webp 1835w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Support level of SOL. Source: Tryrex
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-other-analysts-are-bearish-as-well">Other analysts are bearish as well</h2>
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 <p class="paragraph">With Solana’s current outlook and technical indicators not promising, other analysts shared their thoughts on the next support level and how many dips SOL might endure.</p>
 <p class="paragraph">Looking at the previous trends and price movements of SOL, charts indicate that the parallel ascending channel is negated in the last period, which might suggest that further lows are on the horizon for this digital asset, as per a post from digital asset analyst <em>LuxAlgo</em> on January 23.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="508" src="https://cdn.thebittimes.com/images/2024/01/23/67fcdffdada9a60f5003c6f0a70c0f58.webp" alt="Potential further lows for SOL. Source: LuxAlgo" class="wp-image-150777" srcset="https://cdn.thebittimes.com/images/2024/01/23/67fcdffdada9a60f5003c6f0a70c0f58.webp 1024w, https://cdn.thebittimes.com/images/2024/01/23/67fcdffdada9a60f5003c6f0a70c0f58.webp 300w, https://cdn.thebittimes.com/images/2024/01/23/67fcdffdada9a60f5003c6f0a70c0f58.webp 768w, https://cdn.thebittimes.com/images/2024/01/23/67fcdffdada9a60f5003c6f0a70c0f58.webp 1536w, https://cdn.thebittimes.com/images/2024/01/23/67fcdffdada9a60f5003c6f0a70c0f58.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Potential further lows for SOL. Source: LuxAlgo
  </figcaption>
 </figure>
 <p class="paragraph">Upon examination of the daily chart, with a couple of hours until the candle concludes, there is observable downward movement below a significant support level. The green line denotes the subsequent support of interest, <em>Dootr’s</em> posted.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="536" src="https://cdn.thebittimes.com/images/2024/01/23/a2c7dfb2a95ee3e56ad30ed439fc1e2d.webp" alt="Potential next support level of SOL. Source: Dootr" class="wp-image-150778" srcset="https://cdn.thebittimes.com/images/2024/01/23/a2c7dfb2a95ee3e56ad30ed439fc1e2d.webp 1024w, https://cdn.thebittimes.com/images/2024/01/23/a2c7dfb2a95ee3e56ad30ed439fc1e2d.webp 300w, https://cdn.thebittimes.com/images/2024/01/23/a2c7dfb2a95ee3e56ad30ed439fc1e2d.webp 768w, https://cdn.thebittimes.com/images/2024/01/23/a2c7dfb2a95ee3e56ad30ed439fc1e2d.webp 1536w, https://cdn.thebittimes.com/images/2024/01/23/a2c7dfb2a95ee3e56ad30ed439fc1e2d.webp 1623w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Potential next support level of SOL. Source: Dootr
  </figcaption>
 </figure>
 <p class="paragraph">These three analysts seem to point towards the same conclusion that SOL might retrace its price to the next support level at around $70, where it faces a retest.</p>
 <h2 class="wp-block-heading" id="sol-price-analysis">SOL price analysis</h2>
 <p class="paragraph">At the time of press, SOL was trading at $80.65, with a decline of -7.67% in the previous 24 hours, a loss of -15.78% in the last week, and a downside of -15.86% in the previous month.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/01/23/da04eb925c4a325aee69c607f868638e.webp" alt="SOL 24-hour price chart. Source: Finbold" class="wp-image-150779" srcset="https://cdn.thebittimes.com/images/2024/01/23/da04eb925c4a325aee69c607f868638e.webp 1024w, https://cdn.thebittimes.com/images/2024/01/23/da04eb925c4a325aee69c607f868638e.webp 300w, https://cdn.thebittimes.com/images/2024/01/23/da04eb925c4a325aee69c607f868638e.webp 768w, https://cdn.thebittimes.com/images/2024/01/23/da04eb925c4a325aee69c607f868638e.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   SOL 24-hour price chart. Source: Finbold
  </figcaption>
 </figure>
 <p class="paragraph">Expectedly, technical indicators signal a ‘sell’ at 12. With moving averages agreeing to a ‘sell’ at 10. And oscillators tilting towards a ‘sell’ as well at 2.</p>
 <figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="231" src="https://cdn.thebittimes.com/images/2024/01/23/32de420e9821bad93e2f8749d64f7da4.webp" alt="Technical analysis of SOL. Source: TradingView" class="wp-image-150780" srcset="https://cdn.thebittimes.com/images/2024/01/23/32de420e9821bad93e2f8749d64f7da4.webp 1024w, https://cdn.thebittimes.com/images/2024/01/23/32de420e9821bad93e2f8749d64f7da4.webp 300w, https://cdn.thebittimes.com/images/2024/01/23/32de420e9821bad93e2f8749d64f7da4.webp 768w, https://cdn.thebittimes.com/images/2024/01/23/32de420e9821bad93e2f8749d64f7da4.webp 1479w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Technical analysis of SOL. Source: TradingView
  </figcaption>
 </figure>
 <p class="paragraph">Only time can tell whether this downward spiral of SOL will reverse and this digital asset will accomplish another noteworthy year. Technical indicators, analysts, and performance currently spell out a bearish outcome.</p>
 <p class="paragraph">&lt;<a rel="noopener noreferrer nofollow" title="strong" href="https://thebittimes.com/tag/strong.html">strong</a>&gt;<em>Disclaimer:</em>strong&gt;<em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brace-for-strong-solana-correction-here-s-why-tbt77458.html">https://thebittimes.com/brace-for-strong-solana-correction-here-s-why-tbt77458.html</a></p>

Brace for strong Solana correction; Here’s why

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