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The Solana price saw a 3% drop in the last 24 hours to trade at $59.54 as of 5 a.m. EST, while the token’s daily trading volume has also dropped by over 12%.
A closely followed crypto strategist, Altcoin Sherpa on X, told his followers that he expects SOL to be one of the cryptos that will lose some of their gains before the next rally. Apart from SOL, he also expects LINK and AVAX to see similar behavior.
Many .382 fibs + 200 EMAs (4h) are coming up on some of the best coins. $LINK $SOL $AVAX
These areas + the .50 fib are the regions I'm eyeing
Expecting more of a grind down before any strong continuation. Would like to see grind down + consolidation to form a base + strong… pic.twitter.com/Cw8uegKlEu
— Altcoin Sherpa (@AltcoinSherpa) November 27, 2023
For Solana, this could lead to an 18% plunge down to the price of $48.72, according to the Altcoin Sherpa.
Solana Price Forecast With Experts Warning Of Slow Grind Down
While Solana’s price is up by nearly 3% on the weekly chart and by over 73% monthly, experts such as Altcoin Sherpa believe the coin will see a correction soon.
The expert’s opinion is further backed by the apparent weakness of buyer’s power as seen on the chart below, which is likely to lead to a retest of the critical support at $50 and possibly a further drop to the $42-$45 range before the bulls return to buy the dip and push the price back up.
While there is no guarantee that this will happen, the fact is that Solana is at a crucial decision point. A correction seems imminent if it fails to break resistance or surge higher, especially since the coin fails to get back into the bull channel.
But, since it has not yet broken to the downside, a correction is not a certainty; even a tiny positive development could turn things around for the coin and help it secure a position above the resistance at $60.
In the long term, SOL will likely see a return to the resistances at $100, $150, $200, and $250, and will likely skyrocket to a new all-time high.
However, this is unlikely to happen before early 2025, as it would require one of the massive bull runs, such as the ones seen in 2021 and before that, in 2017.
In the short term, however, Solana has two key price levels: a solid resistance at $67, which was its crucial support back in August 2021, and a resistance at $79, which held its price in 2022.
But, both seem out of reach with the buying power failing, so unless the new rally commences, SOL will, most likely, see a correction to the mid-$40 level in days to come.
Solana Price: Promising Alternative
BTCMTX, a crypto token powering the Bitcoin Minetrix project, has seen one of the biggest presales this fall. The project has raised over $4.55 million, with its token selling at $0.0119. Some analysts even say it might explode 10X on launch.
Bitcoin Minetrix aims to provide crypto users with a safe, transparent, and reliable way to mine Bitcoin without paying substantial electricity bills or investing thousands of dollars into mining rigs alone.
It does this by offering a cloud mining platform powered by BTCMTX.
Once integrated into an #Ethereum smart contract, the $BTCMTX #Token opens the path to access #Bitcoin cloud mining.
Excited participants can effortlessly purchase and employ #BTCMTX tokens to acquire cloud mining credits, exchanging them for hashing power. 💰⚒️ pic.twitter.com/nAYywbb82K
— Bitcoinminetrix (@bitcoinminetrix) November 29, 2023
Simply put, BTCMTX owners can stake their tokens, and in return, they receive credits, which they can use to mine Bitcoin safely and transparently.
The project stresses the importance of transparency and the fact that its platform is fully decentralized, as it is aware of the mistrust many might have toward cloud mining platforms.
Simplifying your #Bitcoin mining journey with #BitcoinMinetrix!⛏️
Discovering a tokenized cloud mining platform designed for everyone.
Mining $BTC securely and transparently with a decentralized process! pic.twitter.com/lh0WFCUqJY
— Bitcoinminetrix (@bitcoinminetrix) November 28, 2023
There have been many fraudulent platforms of this kind over the years. Still, Bitcoin Minetrix’s focus on decentralization and transparency ensures users that their funds will be safe and that they will stay in control.
#BTCMTX provides a reliable cloud mining option for everyone.
Previous worries regarding pricey hardware and deceptive cloud mining schemes have discouraged entry into this realm.
This decentralized approach guarantees transparency and a safe mining experience. 🛠️💎 pic.twitter.com/r3613htyCp
— Bitcoinminetrix (@bitcoinminetrix) November 27, 2023
Anyone interested in buying BTCMTX is uniquely positioned to get the token at a lower price, as it will see a price increase in less than 48 hours.
You can purchase BTCMTX with a credit/debit card or get it in exchange for ETH or USDT.
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