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Solana’s price dropped by 3% in the last 24 hours to trade at $96.96 as of 5 AM EST, while trading volume slumped 20% to $3.27 billion.
Analyst Pentoshi, with more than 738k followers on X, warns in a recent post that SOL could plunge as much as 40% in the coming months.
$SOL update #1
Not sure we get as low as I have here, but do expect at some point to be able to bid in the $70's
Looking forward to not just trading sol, but holding some eco-system coins for the next year or so. https://t.co/ethYBkZQSs pic.twitter.com/80Wu05Sl18
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) January 7, 2024
His prediction was accompanied by a similar forecast by Altcoin Sherpa, who said that SOL is likely to dip to Fibonacci retracement levels 0.382 at $84.50, or 0.50 at $71.67.
In other words, SOL’s current struggles with staying above the $100 mark are only the beginning, and the coin is set to see a severe correction in the coming months.
Solana Price Prognosis
While some experts expect SOL to see a significant price drop shortly, others believe the coin might rise after spotting the bullish flag pattern on the project’s chart.
The pattern can be seen on the chart below, and while this alone does not guarantee an upcoming surge, there have been other signals that SOL might yet see its price increase.
For example, the coin’s Bollinger bands are still fairly wide, especially compared to the first half of December 2023, which is bullish. The coin’s Relative Strength Index (RSI) score also gives traders reasons to be optimistic.
Currently, it is in neutral territory with a score of 49.36. It was in the overbought territory in late December, followed by a drop to the oversold area. Now, it has recovered into the neutral zone, and traders are waiting to see how it will go.
Should the Solana price recover in days to come, it will likely hit its first considerable resistance at $100, which is more psychological.
After that, the coin will encounter another level at $104 and the next at $108. In this scenario, SOL will have returned to its highest point in 2024.
However, its monthly and yearly high is still much higher, at $123.76. If the bull flag pattern holds, SOL might recover to this level and go beyond it before getting hit by a bearish wave that will return its price to the $70s range.
Promising Alternative To Solana
Meme Kombat (MK) is currently one of the best alternatives to Solana as it offers a meme coin coupled with a brand new, innovative gaming platform that is already rapidly attracting users and investors alike.
Meme Kombat is a new project, currently still in resale, but also one that has achieved massive popularity, even during the current, uncertain market.
The project’s presale has already raised over $6.55 million, with its token, MK, priced at only $0.279. The token is available in exchange for ETH or USDT.
We are unbelievably close to reaching $6.5 million raised in the $MK presale where we will be giving away 25,000 USDT🤩⚔️
Last push. Let's go! pic.twitter.com/93vMu2jaRY
— Meme Kombat (@Meme_Kombat) January 9, 2024
The reason why it is sought after has to do with the project’s new gaming platform, designed for meme and gaming enthusiasts alike.
On it, users can engage in active betting or passive staking, depending on the amount of risk they are interested in taking. However, regardless of their chosen approach, the platform rewards all users. Investors can even earn APY during presale without waiting for battles to commence.
As one of the best presales of 2023/24, analyst Jacob Bury says Meme Kombat may 10X on launch.
If you are interested, obtain the token now before it sells out. You can buy MK here.
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