Solana

Momentum

<p>A price analysis by analyst Matthew Dixon, CEO of Evai, has highlighted <a href="https://captainaltcoin.com/why-its-worth-accumulating-solana-sol-at-this-price/" target="_blank" rel="noopener noreferrer nofollow">Solana’s (SOL)</a> market action. Dixon shared his observations on X pointing out a possible drop in Solana’s price to $102, a 25% drop from present levels.&nbsp;</p>
<p>Technical indicators—including Fibonacci retracement levels and declining market conditions—form basis for this projection.</p>
<h2 class="wp-block-heading" id="strong-fibonacci-levels-indicate-potential-drop-strong"><strong>Fibonacci Levels Indicate Potential Drop</strong></h2>
<p>Dixon’s analysis uses Fibonacci retracement levels to outline key support and resistance areas for Solana. Currently, the price is hovering around the 0.618 Fibonacci retracement zone, which often acts as a key support level.&nbsp;</p>
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   <p lang="en" dir="ltr">A sensible target for <a href="https://twitter.com/hashtag/SOL?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#SOL</a> would be <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$SOL</a> 102 but nothing is ever certain.<br>IF price continues to fall in line with this expectation then <a href="https://twitter.com/hashtag/DCA?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#DCA</a> buying of dips may prove a good strategy long term. <a href="https://t.co/PefxzwuGOS" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/PefxzwuGOS</a></p>— Matthew Dixon – CEO Evai (@mdtrade) <a href="https://twitter.com/mdtrade/status/1841739432421888137?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 3, 2024</a>
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<p>However, if SOL fails to hold this support, the price could fall further, with $102 being the next target. This prediction aligns with Dixon’s projection, supported by a downward-pointing arrow on his chart.</p>
<p>If the price continues its downward trend, Dixon believes that a Dollar-Cost Averaging (DCA) strategy—buying small amounts of SOL during each dip—may prove to be a smart long-term investment strategy.</p>
<h2 class="wp-block-heading" id="strong-rsi-suggests-weakening-buying-pressure-strong"><strong>RSI Suggests Weakening Buying Pressure</strong></h2>
<p>The Relative Strength Index, a commonly used momentum indicator, also supports Dixon’s <a href="https://crypto.news/solana-price-nears-death-cross-as-weekly-dex-volume-rises-46/" target="_blank" rel="noopener noreferrer nofollow">bearish outlook.</a> The RSI is approaching the lower end of its range, indicating reduced buying pressure. This signals a possibility of further price declines.&nbsp;</p>
<p>However, should the RSI rebound from these levels, a short-term price recovery could occur, although within a generally bearish trend. If the bearish momentum holds, it could push the price closer to Dixon’s $102 target.&nbsp;</p>
<p>Conversely, a failure to break below the current support level might provide a temporary boost to the price.</p>
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<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/best-altcoins-to-buy-on-the-dip-which-cryptos-will-skyrocket-in-october/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Best Altcoins to Buy on The Dip – Which Cryptos Will Skyrocket in October?</em></strong><br></a></p>
<h2 class="wp-block-heading" id="strong-dixon-s-advice-long-term-dca-strategy-strong"><strong>Dixon’s Advice: Long-Term DCA Strategy</strong></h2>
<p>Matthew Dixon’s analysis points to a cautious but optimistic approach for long-term investors. He suggests adopting a DCA strategy to capitalize on Solana’s dips if the bearish trend persists. This strategy could offer a more stable entry point for investors looking to accumulate SOL over time.</p>
<p>As of data from CoinGecko at publication, <a href="https://www.coingecko.com/en/coins/solana" target="_blank" rel="noopener noreferrer nofollow">Solana (SOL)&nbsp; trades at $136.12</a>, representing a 5.52% decline in the past day and a 10.79% drop over the last week. Dixon’s analysis and advice offer insights for investors navigating the current volatility in Solana’s market.</p>
<p><em><strong>Follow us on&nbsp;<a href="https://x.com/CaptainAltcoin_" target="_blank" rel="noopener noreferrer nofollow">X (Twitter)</a>,&nbsp;<a href="https://coinmarketcap.com/community/profile/CaptainAltcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap&nbsp;</a>and&nbsp;<a href="https://www.binance.com/en/square/profile/captainaltcoin" target="_blank" rel="noopener noreferrer nofollow">Binance Square</a>&nbsp;for more daily crypto updates.<br>Get all our future calls by joining our&nbsp;<a href="https://t.me/captainaltcoincom" target="_blank" rel="noopener noreferrer nofollow">FREE Telegram group.</a></strong></em></p>
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<p>The post <a href="https://captainaltcoin.com/solana-sol-price-could-dip-25-expert-advises-buying-of-dips-if-bearish-momentum-persists/" rel="noopener noreferrer nofollow">Solana (SOL) Price Could Dip 25%, Expert Advises ‘Buying Of Dips’ If Bearish Momentum Persists</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Solana (SOL) Price Could Dip 25%, Expert Advises ‘Buying Of Dips’ If Bearish Momentum Persists

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