Solana’s native $SOL coin may dip soon, and it may be a hair-raising dip, but it will quickly recover and set a new all-time high (ATH), according to one analyst.
Web3 X commentator D£_MaRiO (@w3_alpha091) made the prediction, and suggested Solana could tumble from its relatively high current price of $243 (7.6% short of its ATH of $263.21 six days ago), down to bottoms as low as $175.
D£_MaRiO identifies two possible levels of support during the crash. He says the price could tumble down to order block, which is the price level at which institutional investors place significant orders. In Solana’s case, that’s around the psychologically significant $200 mark.
Should Solana’s $SOL spiral even lower, then its next likely support level is likely to be between $165 and $185. This would fill an imbalance, which happened on November 6 this year when Solana buy orders greatly outnumbered the sell orders, leading to a near vertical ascent on the price chart.
Source: TradingViewA closer look at Solana’s relative strength index (RSI) supports the hypothesis that $SOL is in line to fall further. Solana’s RSI score is currently 61 and rising, which suggests the token is close to hitting overbought territory at 70. Throughout November, Solana posted RSI readings consistently above 50, underscoring the effect of the imbalance.
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With Solana likely to continue shedding in the short-term, many investors are exiting their positions while it’s at a relative high in order to rejoin the $SOL train at lower prices.
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The post Analysts Predict Solana Will Dip Short Term, But We Will See a New $SOL ATH After That? appeared first on Cryptonews.
