{"id":561632,"date":"2023-11-20T22:00:17","date_gmt":"2023-11-20T22:00:17","guid":{"rendered":"https:\/\/wncen.com\/?p=561632"},"modified":"2023-11-20T18:32:44","modified_gmt":"2023-11-20T18:32:44","slug":"sol-price-forecast-takes-bearish-turn-prepare-for-potential-plummet-to-30-or-lower","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/sol-price-forecast-takes-bearish-turn-prepare-for-potential-plummet-to-30-or-lower\/","title":{"rendered":"SOL Price Forecast Takes Bearish Turn, Prepare For Potential Plummet To $30 Or Lower"},"content":{"rendered":"

Solana (SOL) has emerged as a prominent player in the dynamic world of cryptocurrency, showcasing a remarkable uptrend and delivering <\/span>substantial gains<\/span><\/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.<\/span><\/p>\n

However, the sustainability of these gains<\/span> may be in jeopardy<\/span><\/a>, as the SOL price appears poised for a significant decline and deep correction following an impressive 346% surge over the past year.<\/span><\/p>\n

SOL Price Vulnerable To Significant Drop, $30 In Sight<\/span><\/h2>\n

Crypto analyst Ali Martinez has shed light on the potential challenges ahead for SOL. Martinez <\/span>highlights <\/span><\/a>the TD Sequential indicator, which currently shows a sell signal on the weekly chart of SOL.<\/span><\/p>\n

Related Reading: Bitcoin ETF Hype: Bloomberg Intelligence Envisions $100 Billion Market If Regulatory Approval Granted<\/a><\/div>\n

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.<\/span><\/p>\n

\"SOL
SOL’s TD Sequential sell signal. Source: Ali Martinez on X.<\/a><\/figcaption><\/figure>\n

The indicator consists of consecutive candlesticks that meet specific criteria based on the time and price movements. It looks for specific <\/span>patterns in the price action<\/span><\/a>, including the arrangement of consecutive highs and lows and the overall trend direction.<\/span><\/p>\n

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.<\/span><\/p>\n

According to Martinez, if the <\/span>bearish formation<\/span><\/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.\u00a0<\/span><\/p>\n

Solana Defies Correction Worries<\/span><\/h2>\n

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 <\/span>data <\/span><\/a>provided by Token Terminal.<\/span><\/p>\n

When examining market capitalization, <\/span>SOL’s circulating supply<\/span><\/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%.<\/span><\/p>\n

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%.<\/span><\/p>\n

Related Reading: Shiba Inu Burn Rate Crashes 98.79% With Less Than 1 Million tokens Burned<\/a><\/div>\n

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.<\/span><\/p>\n

Solana’s <\/span>growing ecosystem<\/span><\/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.\u00a0<\/span><\/p>\n

Additionally, the platform has seen an average of 82.83 core developers actively contributing to its development, indicating a growth rate of 13.1%.<\/span><\/p>\n

\"SOL
SOL price drop on the 4-hour chart. Source: SOLUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Currently, SOL is trading at $58, with the next support level at $55, which will be key to the token’s prospects.<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Solana (SOL) has emerged as a prominent player in the dynamic world of cryptocurrency, showcasing a remarkable uptrend and delivering substantial gains. 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 may be in jeopardy, as the SOL price appears poised for a significant decline and deep correction following an impressive 346% surge over the past year. SOL Price Vulnerable To Significant Drop, $30 In Sight Crypto analyst Ali Martinez has shed light on the potential challenges ahead for SOL. Martinez highlights the TD Sequential indicator, which currently shows a sell signal on the weekly chart of SOL. Related Reading: Bitcoin ETF Hype: Bloomberg Intelligence Envisions $100 Billion Market If Regulatory Approval Granted 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. The indicator consists of consecutive candlesticks that meet specific criteria based on the time and price movements. It looks for specific patterns in the price action, 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 bearish formation 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.\u00a0 Solana Defies Correction Worries 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 data provided by Token Terminal. When examining market capitalization, SOL’s circulating supply 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%. Related Reading: Shiba Inu Burn Rate Crashes 98.79% With Less Than 1 Million tokens Burned 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 growing ecosystem 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.\u00a0 Additionally, the platform has seen an average of 82.83 core developers actively contributing to its development, indicating a growth rate of 13.1%. 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<\/p>\n","protected":false},"author":589,"featured_media":561634,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[6664,1558,89406,86420,87045,89779,89766,83626,86515,88128,84595,86813,87683,89702,88093,89083,89405,87685],"class_list":["post-561632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-crypto","tag-cryptocurrency","tag-sol-news","tag-sol-price","tag-sol-price-analysis","tag-sol-price-chart","tag-sol-price-performance","tag-solana","tag-solana-sol","tag-solana-bearish-signal","tag-solana-blockchain","tag-solana-defi","tag-solana-ecosystem","tag-solana-inflows","tag-solana-labs","tag-solana-network","tag-solana-news","tag-solana-performance"],"acf":[],"yoast_head":"\nSOL Price Forecast 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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