Cryptocurrency analyst “Bluntz Capital” has suggested that Solana’s recent price movement may be indicating a steeper fall in the digital asset’s value amidst the prevailing bearish market conditions.
$SOL also looking like all these weeks of sideways was probably some kind of B wave triangle.
ill be interested again in the low $70s pic.twitter.com/0n3rI6rUaO
— Bluntz (@Bluntz_Capital) January 22, 2024
The analyst noted this possibility in a tweet on the social media platform (formerly Twitter), hinting that the altcoin may be gearing up to test a new low. “$SOL” also looks like all these weeks of sideways were probably some kind of B wave triangle. I‘ll be interested again in the low $70s,” the analyst tweeted.
Should the altcoin dip to $70, it would mark the lowest level for Solana since around mid-December 2023. At the time of wriitng, Solana was exchanging hands for $88, according to CoinMarketCap data. In the past 24 hours, SOL has declined by 4.63% and dropped by 7.38% on the weekly chart.
During the cryptocurrency market resurgence last year, Solana was one of the major beneficiaries of the price explosion that was recorded then. Alongside increased capital inflow into the network, Solana also benefited from a shift in investors’ sentiment as interest in the blockchain soared.
In that period, the Layer-1 blockchain hit a new all-time high, further boosted by a memecoin hype frenzy towards the end of the year. However, since the turn of the year, Solana has struggled to replicate the performances it set in 2023.
So far this year, Solana’s price has been on a downward trajectory. In the past 30 days, the token has been down by 2.72% as the bearish conditions in the market sustain. Meanwhile, the current $88 price is the lowest the altcoin has recorded so far in January.
However, Solana isn’t the only major cryptocurrency taking a beating from investors. As of press time, Bitcoin, Ethereum, and most of the top crypto assets are lingering in the red zone. Surprisingly, meme coins such as Dogecoin have seen an upward trend recently.
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