The post Solana Bulls Reawakens, But a Popular Indicator Forecasts a SOL Price Drop to $127 appeared first on Coinpedia Fintech News
Solana (SOL), a top-tier Layer One (L1) blockchain with almost $4 billion in Total Value Locked (TVL) and $2.6 billion in stablecoins market cap, has significantly benefited from the mainstream adoption of web3 projects and digital assets. The Solana ecosystem has thrived primarily fueled by the vibrant development including the Saga mobile that helps users adopt its web3 products seamlessly.
Remarkably, the SOL price has rallied around 10X June last year to trade around $172 on Thursday. As a result, it is safe to assume SOL is out of the FTX woods and more upside will be registered in the coming months.
SOL Price Action
According to a popular crypto analyst, Ali Martinez, a buying opportunity will be presented in the SOL coin. Basing the argument on the daily TD Sequential, Martinez highlighted that a 17-28 percent Solana dip is on the horizon, meaning the altcoin could drop as low as $127. With the crypto bulls in control, Martinez opined that the dip will present a perfect buying opportunity for long-term profits.
From. Technical standpoint, Solana’s price is aiming for its ATH after the weekly Relative Strength Index (RSI) rebounded on the 70 level similar to Bitcoin’s before rallying above $69k.
Solana Ecosystem Thrives with Memes
The Solana network has experienced heightened on-chain activity, as observed with the recent outage, due to the demand for its meme coins led by Bonk (BONK) and dogwifhat (WIF), among others. The staking network has attracted notable attention from institutional investors and retail traders, thus bolstering its long-term bullish outlook.