The Solana worth has witnessed a big correction because it reached its present all-time excessive (ATH) of $263 in November. This worth correction is predicted to proceed within the quick time period as a crypto analyst has offered a goal that Solana may drop earlier than the 12 months ends.
How Low Solana Price Could Drop
In an X put up, crypto analyst Crypto Sensei advised that the Solana worth may drop to as little as $167 by the top of December. This got here because the analyst asserted that Solana is now going straight for that 200 Exponential Moving Average (EMA) landing.
The analyst’s accompanying chart confirmed that this 200 EMA is at $167. Based on the chart, the worth drop may additionally occur earlier than the 12 months ends. Such a worth correction would additional erode Solana’s year-to-date (YTD) features of round 85%.
In an X post, crypto analyst Fred additionally advised that the Solana worth can also be prone to dropping additional earlier than the 12 months ends. The analyst acknowledged that SOL is approaching choice time.
The analyst’s accompanying chart confirmed that the top crypto may drop to as little as $162 if this downtrend continues. However, regardless of a possible downtrend, the crypto analyst remarked SOL nonetheless has sufficient gasoline for an additional rally of over $300 over the following couple of months.
More Room For Growth
Despite the bearish outlook for the Solana worth, the highest crypto nonetheless undoubtedly has sufficient room to run to the upside, as Fred talked about. Several analyses point out that SOL may break its present ATH by subsequent 12 months.
Asset supervisor VanEck predicted that Solana would hit $500 by subsequent 12 months, a worth rally that they imagine will occur because of scalability and DeFi and NFT adoption within the SOL ecosystem.
Bitwise offered a extra bullish outlook for the Solana worth. The asset supervisor predicted that SOL will rise to as excessive as $750 subsequent 12 months as extra “serious” tasks transfer into its ecosystem.
With the market buying and selling sideways in the meanwhile, crypto analyst Lucky believes this is a superb alternative to build up extra SOL. He remarked that the crypto is in a shopping for zone. The analyst added that he anticipates Solana may attain between $400 and $500 on this cycle.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto information author and editor who has lined subjects that lower throughout DeFi, NFTs, sensible contracts, and blockchain interoperability, amongst others. Boluwatife has a knack for simplifying essentially the most technical ideas and making it straightforward for crypto newbies to know. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The introduced content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.
