After a strong 2023, which saw Solana (SOL) adding over 200% to its value, this cryptocurrency has hit a rough patch recently, which erased almost 30% of its price. And it seems that the worst is yet to come for SOL.
In response to this trend, analysts are now forecasting substantial declines in the valuation of SOL in the coming days. While there may be a temptation to initiate a long position at present, anticipating a rebound from the current support level, it’s noteworthy that the preceding rebound lacked the strength to sustain the overall trend.
The expectation is a subsequent decline, potentially retracing to $71, as per X post by cryptocurrency analyst Tryrex on January 22.
“It might be tempting to open a long right now and expect a bounce on this support level. However, the previous bounce was too weak to maintain the trend. I am betting on a crash back down to $71.”
Support level of SOL. Source: Tryrex
Other analysts are bearish as well
With Solana’s current outloo
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