Crash

Ethereum

bullish

Solana

<p>The post <a href="https://coinpedia.org/news/solana-price-prediction-analyst-warns-of-major-sol-price-crash/">Solana Price Prediction: Analyst Warns of Major SOL Price Crash</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The Solana (<a href="https://markets.coinpedia.org/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) network, a top-tier web3 ecosystem aiming to dethrone Ethereum (<a href="https://markets.coinpedia.org/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) as the top smart contract blockchain, has experienced a significant rise in on-chain activity in recent times. Amid heightened fear of further crypto sell-off in the coming weeks, the <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" target="_blank" rel="noreferrer noopener">Solana price</a> invalidated a possible bullish breakout following a notable decline last week and on Monday.&nbsp;</p> 
<p>According to the latest market data, Solana’s price has dropped more than 21 percent in the past two weeks. However, the large-cap altcoin, with a fully diluted valuation of about $80 billion, rebounded over 15 percent in the last 24 hours to trade around $138 on Tuesday during the mid-London session.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-analyst-issues-warning-for-solana-traders">Analyst Issues Warning for Solana Traders</h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The TD Sequential indicator is now showing a sell signal on the <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw">#Solana</a> hourly chart, suggesting a potential dip to $135-$130. However, breaking the risk line at $146 would invalidate this signal, potentially driving <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> up to $150-$166. <a href="https://t.co/71hIvEksuj">pic.twitter.com/71hIvEksuj</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1820720563830100026?ref_src=twsrc%5Etfw">August 6, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>According to crypto analyst Ali Martinez, Solana’s hourly price has approached a crucial point that could either yield further bullish rebound or capitulation ahead. The crypto analyst noted that the TD Sequential indicator has flashed a sell on&nbsp; SOL’s hourly time frame.</p> 
<p>Consequently, the crypto analyst expects Solana’s price to retrace towards the range between $130 and $135. However, the bearish sentiment could be invalidated if Solana’s price consistently closes above $146 in the coming days, potentially pumping the altcoin toward $166.</p> 
<h2 class="wp-block-heading" id="h-market-picture">Market Picture</h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">BREAKING BIG: Solana's daily DEX trading volume made a new All-Time High today, surpassing $4B for the first time. <a href="https://t.co/cRKXXJ7OTT">pic.twitter.com/cRKXXJ7OTT</a></p>— SolanaFloor (@SolanaFloor) <a href="https://twitter.com/SolanaFloor/status/1820754295450415473?ref_src=twsrc%5Etfw">August 6, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The<a href="https://markets.coinpedia.org/category/solana-ecosystem/" target="_blank" rel="noreferrer noopener"> Solana network</a>, with more than $4.4 billion in total value locked (TVL) and over $3.5 billion in stablecoins market cap, has gradually outshone Ethereum’s Web3 activity. Despite lacking in the spot ETF market, Solana’s on-chain activity has gradually grown, fueled by its meme coin industry.</p> 
<p>Consequently, after consolidating in the past seven months, the SOL/ETH pair is on the verge of bullish breakout to a new all-time high.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/price-analysis/whats-next-for-ripple-xrp-and-cardano-ada-as-crypto-market-crash/" target="_blank" rel="noreferrer noopener">What’s Next For Ripple (XRP) And Cardano (ADA) As Crypto Market Crash!</a></p>

Solana Price Prediction: Analyst Warns of Major SOL Price Crash

Table of Contents

CoinPedia News

Other articles published on Aug 6, 2024

Palantir’s AI Evolution: Strategic Shift or Marketing Ploy?

BNB Price Recovery Faces Setbacks: What Risks Lie Ahead?

Bitcoin Fear and Greed Index nears “Extreme Fear” territory

Institutional Grade Digital Asset Custody: Enabling Trust in the Digital Asset Megatrend

Solana Memecoin TRUMPSEC Will Rally Over 18,000% Before CEX Listing, As SHIB and DOGE Crash

Why The Set Up For Bitcoin ‘Is Unbelievably Powerful’: Leading Researcher

Join our free newsletter for daily crypto updates!