Solana Price Correction: Will it Drop to $120 or an Investment Opportunity Emerge?

Bittime – The price of the Solana token (SOL) is predicted to experience a sharp correction following the formation of a double top pattern on its daily chart. 

This pattern indicates a potential long-term price decline. Let's analyze this prediction more deeply along with market sentiment and opportunities that may arise.

Solana Price Correction Trigger

Solana price started April with a bearish trend, following the movement of the crypto market in general. This price drop started at $205 and continued up 12.6%, placing the current price of SOL at $179.

Daily chart analysis shows a double top pattern which was formed due to two price rejections in the range of $205. This double top pattern theoretically indicates increasing selling pressure and the potential for a long-term price correction.

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Threat of Downturn to $120

Currently the SOL price is at $178 and has the potential to fall towards the nearest support at $163. 

If the price breaks through this support level, selling pressure will become stronger and have the potential to push the price down 25% to the $120 level.

The Emergence of Opportunities in the Midst of Corrections

Alicharts analysts observed that market sentiment towards the Solana token is currently at its lowest point, similar to the sentiment that occurred after the Solana network outage incident last February.

This negative sentiment is clearly visible on the sentiment analysis chart. Conversation volume and sentiment scores on social media decreased along with the decline in SOL price. 

According to Alicharts, the pessimistic conditions that hit the market could actually be an attractive investment opportunity (contrarian opportunity) for investors whose views are opposite to the direction of general sentiment.

Also Read How To Buy Crypto:

Today's SOL Price

Summer: Over

Above is today's SOL price chart. As you can see, SOL is experiencing an increase of +1.21% so that this time it is at IDR 2,925,144 or $184.11. This price is of course far above the predicted price correction, namely $120.

Technical Indicators

1. Directional Movement Index (DMI)

A bearish crossover between DI+ (blue) and DI- (pink) indicates the short-term trend has the potential to reverse to bearish.

2. Bollinger Bands (BB)

The narrowing Bollinger Bands range indicates increased SOL price volatility .

Conclusion

The Solana price correction prediction is based on the double top pattern on the daily chart. However, negative market sentiment can actually be a contrarian signal for experienced investors. 

Investors are advised to always carry out thorough fundamental and technical analysis before making investment decisions. 

Apart from the potential for correction, Bitcoin price movements ahead of the halving also need to be monitored because they can affect the entire crypto market, including the price of Solana.

How to Buy Solana (SOL) on Bittime

You can buy and sell Solana (SOL) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Solana (SOL) is available on Bittime with the market pair SOL/IDR . To be able to buy SOL IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn Complete guide on how to buy Solana (SOL) on Bittime . 

Monitor price chart movements for Solana (SOL) , Bitcoin (BTC) , Ethereum (ETH) , and other cryptos to find out today's crypto market trends in real-time on Bittime.

Read Also: 

Solana (SOL) Future & Solana ETF Predictions

Solana (SOL): Price Movement and Predictions for the Weekend

How to Store Cryptocurrency Assets in a Cold Wallet

DISCLAIMER : This article is for informational purposes only and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.