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Solana (CRYPTO: SOL), the star performer among altcoins in 2023, may see a significant dip shortly, according to prominent analysts.
Some are eyeing a dip into the $70s as a potential long-term entry point.
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Pentoshi, a household name among crypto analysts, doubts whether Solana will drift to his initial short-term price target below $70. They still expect an opportunity to “bid” in the range between $70 to $80 at some point.
Pentoshi’s focus seems to be shifting beyond short-term trading, indicating a growing interest in holding Solana ecosystem coins for a longer period.
Rekt Capital, another analyst, paints a more cautious picture.
Rekt Capital highlights the weak reaction to the recent range low and emphasizes the importance of a potential weekly close below this key technical barrier:
Weak reaction from the Range Low, this reaction was promptly cancelled out
Now #SOL is threatening to lose Range Low as support
Weekly Close below the Range Low could begin the breakdown process into the green area below
Let’s see how the Weekly Closes#Crypto #Solana https://t.co/Nv5fYEqpEL pic.twitter.com/VwwJaeWxEe
— Rekt Capital (@rektcapital) January 7, 2024
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Altcoin Sherpa targets the range between $70 and $80, reiterating its existing plan that focuses on the .382 and .50 Fibonacci levels as ideal entry points for the long term.
While noting some profit-taking at higher levels, Altcoin Sherpa remains optimistic about Solana’s future potential.
Overall, all three traders see potential dip-buying opportunities but also warn of potential breakdown risks in the short term.
The upcoming weekly close will be crucial in determining the direction of the trend, with a breach below the range low potentially opening the door for further declines.
Read Next: Inside The Mysterious $1.2M Bitcoin, Genesis Wallet Transfer: Who’s Trying to ‘Flush Satoshi Out?’
Photo: Shutterstock
Options 101: The Beginner’s Guide
Want to become an options master? In his free report, options expert Nic Chahine will give you access to the four bulletproof tips for beginners, the secret to scoring 411% gains with options, and his time-tested “plan” for success. Grab your free copy of Options 101: The Beginner’s Guide ASAP.
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