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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

SOL Price Forecast Takes Bearish Turn, Prepare For Potential Plummet To $30 Or Lower

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
SOL price

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Solana (SOL) has emerged as a prominent player in the dynamic world of cryptocurrency, showcasing a remarkable uptrend and delivering substantial gains. Despite a modest 3.6% correction in SOL price over the past 24 hours, the native token of the blockchain platform has recorded a significant increase of 43% over the past fourteen-day period.

However, the sustainability of these gains may be in jeopardy, as the SOL price appears poised for a significant decline and deep correction following an impressive 346% surge over the past year.

SOL Price Vulnerable To Significant Drop, $30 In Sight

Crypto analyst Ali Martinez has shed light on the potential challenges ahead for SOL. Martinez highlights the TD Sequential indicator, which currently shows a sell signal on the weekly chart of SOL.

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The TD Sequential indicator, developed by market technician Thomas DeMark, is a technical analysis tool to identify potential trend reversals or exhaustion points in price movements.

SOL price
SOL’s TD Sequential sell signal. Source: Ali Martinez on X.

The indicator consists of consecutive candlesticks that meet specific criteria based on the time and price movements. It looks for specific patterns in the price action, including the arrangement of consecutive highs and lows and the overall trend direction.

When the TD sequential indicator generates a sell signal, as seen on the SOL chart above, it indicates that the token is reaching a point of exhaustion in its uptrend, possibly indicating an impending correction or reversal.

According to Martinez, if the bearish formation depicted by the TD Sequential indicator is confirmed, market participants may witness a downward swing for SOL price, potentially pushing it towards $45 or even dipping as low as $30. 

Solana Defies Correction Worries

Despite the potential for a price correction in the coming days or weeks, Solana has demonstrated impressive growth across various fundamental metrics, as revealed by data provided by Token Terminal.

When examining market capitalization, SOL’s circulating supply currently stands at $24.62 billion, denoting a remarkable increase of 138.78%. Furthermore, the fully diluted market cap is estimated at $32.77 billion, reflecting a substantial growth rate of 134.29%.

SOL’s revenue has also grown significantly, with a notable increase of 106.55% over the past 30 days, amounting to $1.26 million. Scaling these figures to an annualized revenue of $15.28 million represents a healthy growth rate of 43.10%.

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Transaction fees have also played a key role in SOL’s revenue generation. Over the past 30 days, transaction fees increased by 106.55% to $2.51 million. This represents a growth rate of 43.10% when extrapolated to annualized fee revenue of $30.56 million.

Solana’s growing ecosystem is further evidenced by an increase in daily active users, which currently averages 128,180, reflecting a notable growth rate of 53.6% over the past 30 days. 

Additionally, the platform has seen an average of 82.83 core developers actively contributing to its development, indicating a growth rate of 13.1%.

SOL price
SOL price drop on the 4-hour chart. Source: SOLUSDT on TradingView.com

Currently, SOL is trading at $58, with the next support level at $55, which will be key to the token’s prospects.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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