Ethereum

Solana

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/analyst-predicts-solanas-price-drop" data-wpel-link="internal">Analyst Predicts Solana’s Price Drop</a><br></p>
<p style="text-align: justify">Last year, prominent cryptocurrency analyst Bluntz, who previously held a bullish stance on <a href="https://en.bitcoinhaber.net/bitcoin-and-altcoins-rally-on-etf-hopes-solana-and-xrp-in-focus" data-wpel-link="internal">Solana</a> (SOL), has now shifted his outlook, forecasting a potential decline for the Ethereum competitor. Via social media platform X, Bluntz shared his latest analysis, suggesting that SOL has concluded a five-wave rally, which could indicate a forthcoming market trend reversal.</p> 
<h2 id="why-is-solana-expected-to-decline">Why is Solana Expected to Decline?</h2> 
<p style="text-align: justify">Bluntz employs the Elliott Wave theory, a <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">technical analysis</a> method that anticipates future price trends based on crowd psychology, which tends to oscillate in waves. The theory posits that after a five-wave ascent, an asset typically enters a corrective phase. According to Bluntz, SOL has been on a downward trajectory since hitting a peak of around $210 in March.</p> 
<p style="text-align: justify">The analyst noted that Solana has experienced a substantial five-wave increase from its lowest bear market levels. This was followed by a five-wave decline and a subsequent three-wave upward correction. Bluntz highlights that Solana is now showing signs of another downturn, hinting at its potential inability to sustain upward momentum. He anticipates that Solana could reach a lower macro peak at $188 before falling further.</p> 
<h2 id="how-low-could-solana-go">How Low Could Solana Go?</h2> 
<p style="text-align: justify">Bluntz’s analysis indicates that Solana might drop to $80. At the time of his prediction, Solana was trading at $165. The price chart provided by the analyst underscores a bearish outlook, suggesting a continued downward trend.</p> 
<p style="text-align: justify">He pointed out that Solana’s recent price actions do not signify the continuation of the five-wave rise but rather a five-wave downtrend, potentially indicating further declines. Bluntz’s sudden shift from bullish to bearish sentiment carries substantial implications for traders and investors. His <a href="https://newslinker.co/category/mobile/" target="_blank" rel="noopener nofollow" data-wpel-link="exclude">application</a> of the Elliott Wave theory offers a structured framework for interpreting Solana’s potential price movements, focusing on crowd psychology and wave patterns to predict possible corrective phases following significant price ascents.</p> 
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2> 
<ul> 
 <li>Bluntz anticipates SOL could fall to $80, from its current $165 level.</li> 
 <li>The Elliott Wave theory suggests a corrective phase after a five-wave rise.</li> 
 <li>Recent price actions indicate a five-wave downtrend for Solana.</li> 
 <li>Investors should consider the potential for further declines in Solana’s price.</li> 
</ul> 
<p style="text-align: justify">In conclusion, Bluntz’s analysis, grounded in the Elliott Wave theory, provides a bearish outlook for Solana. Investors are advised to monitor these trend indicators closely as the cryptocurrency market remains highly volatile.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/analyst-predicts-solanas-price-drop" data-wpel-link="internal">Analyst Predicts Solana’s Price Drop</a></h5>

Analyst Predicts Solana’s Price Drop

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