Solana

Wednesday

Rise

A cryptocurrency analyst, who accurately foresaw the market’s bottom in 2018, is now focusing on <a href="https://www.newsbtc.com/news/solana-primed-for-takeoff-expert-analysis-points-to-buying-opportunity/" target="_blank" rel="noopener ">Solana</a>, foreseeing a <a href="https://www.newsbtc.com/news/company/solana-price-drops-as-altcoin-market-falters-is-it-too-late-to-buy-sol/" target="_blank" rel="noopener ">price bottom</a> for the cryptocurrency and identifying its next target after reaching it.&nbsp; 
<h2 id="b-solana-to-rise-above-200-after-hitting-this-bottom-b">Solana To Rise Above $200 After Hitting This Bottom</h2> 
In a Wednesday X (formerly Twitter) post, a crypto analyst identified as ‘Bluntz’ has <a href="https://x.com/bluntz_capital/status/1778176974076453216?s=46" target="_blank" rel="noopener nofollow">highlighted </a>a potential price bottom for Solana. Following up on the previous <a href="https://x.com/bluntz_capital/status/1775977976821379321?s=46" target="_blank" rel="noopener nofollow">forecast</a> on April 4, where he predicted that Solana would hit a bottom at or below $160 before <a href="https://www.newsbtc.com/news/solana/solana-price-will-climb-to-750/" target="_blank" rel="noopener ">pushing back up</a>, Bluntz revealed in his new post that the next price bottom would be $162.&nbsp; 
The crypto analyst anticipates that Solana’s price will hit a bottom at $162 before it begins to move higher, suggesting a possible bullish rebound for the cryptocurrency. Sharing several price charts illustrating <a href="https://www.newsbtc.com/news/company/solana-news-new-whale-transactions-could-determine-sol-price/" target="_blank" rel="noopener ">Solana’s price movements</a> between March and April 2024, Bluntz uses the Elliot wave theory as a <a href="https://www.newsbtc.com/news/solana/trading-guru-uncovers-this-notable-pattern-on-solana-whats-next-for-sol-investors/" target="_blank" rel="noopener ">technical pattern</a> to guide his predictions. 
<a href="https://bitcoinist.com/bullish-or-bearish-bitcoin-price-elliott-wave/" target="_blank" rel="noopener nofollow">The Elliott wave theory</a> is a unique form of technical analysis which predicts price movements by observing and identifying recurrent long-term price patterns related to persistent changes in investor sentiment and psychology.&nbsp;&nbsp; 
In his earlier post, Bluntz shared a price chart which indicated that <a href="https://www.newsbtc.com/news/solana/solana-price-explode-by-80-crypto-analyst/" target="_blank" rel="noopener ">Solana’s next leg up</a> after hitting the predicted price bottom would be $224. He estimated the timeline for this significant surge, predicting that the cryptocurrency could jump to $224 before April 22.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/v87RfGUG/" width="1835" height="883"> 
<h2 id="b-price-update-on-solana-sol-b">Price Update On Solana (SOL)</h2> 
Lately, the <a href="https://www.newsbtc.com/news/solana/solana-sol-price-rally-over-what-fundamentals-say/" target="_blank" rel="noopener ">price of Solana</a> has been on a major downward trend, recording double-digit losses for the past few weeks. At the time of writing the cryptocurrency is trading at a price of $151.15, marking a 12.32% decrease in the last 24 hours and a 13.93% drop in the past week, according to CoinMarketCap.&nbsp; 
This continuous decline has been attributed to the <a href="https://www.newsbtc.com/news/solana/analyst-predicts-solana-sol-bounce-amid-network-congestion-problems/" target="_blank" rel="noopener ">congestion issues Solana’s network currently faces</a>. Earlier in April, Solana had fallen victim to a network outage, resulting in about 75% of transactions on the network failing. This caused a major disruption in the blockchain’s operations, raising concerns among <a href="https://www.newsbtc.com/news/is-not-holding-ada-a-red-flag-cardanos-founder-thinks-so-community-pokes-at-solana/" target="_blank" rel="noopener ">investors</a> and the broader crypto community.&nbsp; 
Following the blackout, the price of Solana <a href="https://www.newsbtc.com/news/solana/solana-open-interest-drops/" target="_blank" rel="noopener ">plummeted</a> significantly and has continued on a downward trend. Despite <a href="https://bitcoinist.com/solana-april-15-fix-network-congestion/" target="_blank" rel="noopener nofollow">scheduling April 15 for a network resolution</a>, the cryptocurrency’s value has not shown any positive response.&nbsp; 
It’s also important to note that Solana’s current price has dropped way below the previously stipulated bottom of $162 predicted by Bluntz. The possibility of a <a href="https://www.newsbtc.com/analysis/sol-price-surges-10-solana-aim-125/" target="_blank" rel="noopener ">bullish rebound</a> for the cryptocurrency remains uncertain, as more doubts have been raised concerning the network’s ability to handle significant transaction volumes.&nbsp; 
Featured image from Pexels, chart from TradingView

Market Expert Reveals Why Solana Price Is Poised To Go Higher

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