How Low Solana Price Could Drop
In an X post, crypto analyst Crypto Sensei suggested that the Solana price could drop to as low as $167 by the end of December. This came as the analyst asserted that Solana is now going straight for that 200 Exponential Moving Average (EMA) touchdown.
The analyst’s accompanying chart showed that this 200 EMA is at $167. Based on the chart, the price drop could also happen before the year ends. Such a price correction would further erode Solana’s year-to-date (YTD) gains of around 85%.
In an X post, crypto analyst Fred also suggested that the Solana price is also at risk of dropping further before the year ends. The analyst stated that SOL is approaching decision time.
The analyst’s accompanying chart showed that the top crypto could drop to as low as $162 if this downtrend continues. However, despite a potential downtrend, the crypto analyst remarked SOL still has enough gas for another rally of over $300 over the next couple of months.
More Room For Growth
Despite the bearish outlook for the Solana price, the top crypto still undoubtedly has enough room to run to the upside, as Fred mentioned. Several analyses indicate that SOL could break its current ATH by next year.
Asset manager VanEck predicted that Solana would hit $500 by next year, a price rally that they believe will happen thanks to scalability and DeFi and NFT adoption in the SOL ecosystem.
Bitwise provided a more bullish outlook for the Solana price. The asset manager predicted that SOL will rise to as high as $750 next year as more “serious” projects move into its ecosystem.
With the market trading sideways at the moment, crypto analyst Lucky believes this is an excellent opportunity to accumulate more SOL. He remarked that the crypto is in a buying zone. The analyst added that he anticipates Solana could reach between $400 and $500 in this cycle.
Conclusion
The Solana price has witnessed a significant correction since it reached its current all-time high (ATH) of $263 in November. While some analysts predict a further drop in the short term, others believe the top crypto still has room to grow. With a bullish outlook from several asset managers and analysts, it will be interesting to see how the Solana price performs in the coming months.
FAQs
Q: What is the current all-time high (ATH) of Solana?
A: The current ATH of Solana is $263, reached in November.
Q: What is the predicted price drop for Solana by the end of December?
A: Crypto analyst Crypto Sensei predicts a price drop to as low as $167 by the end of December.
Q: What is the predicted price range for Solana in the coming months?
A: Some analysts predict a price range of $400 to $500, while others predict a price range of $750 or more.
Q: What is driving the predicted price growth for Solana?
A: Several factors, including scalability, DeFi and NFT adoption, and the entry of more “serious” projects into the SOL ecosystem, are driving the predicted price growth for Solana.
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
