Solana Price Prediction: Will Market Correction Push $SOL Below $60

Solana price trends have recently undergone a minor retreat following bearish market influences. Currently  pegged at $91.93, SOL manifests a modest intraday depreciation exceeding 3%, hinting at a prevalent selling momentum. Market analyses suggest this minor dip might fuel expectations of an impending price descent.

The market valuation of SOL presently stands at approximately $39 billion, securing its position as the fifth most substantial cryptocurrency, as per CoinMarketCap data. A notable contraction in the 24-hour trading volume by over 3%, amounting to $2.4 billion, underscores a heightened seller interest within the market sphere.

Over the recent week, Solana price trajectory has declined, oscillating between $100 and $91. This phase is marked by lateral trading dynamics, encapsulated within gradually converging trendlines. Despite a marginal weekly drop of 0.78%, a contrasting monthly upsurge of 18% in SOL’s value has been recorded.

Solana’s price experienced a robust surge in December 2023, breaking through the $121 barrier and marking a yearly peak. Despite this ascent, a gradual descent towards the $90 mark has been observed recently. This subtle decline reflects the ongoing tussle for market dominance between the bears and the bulls.

Will Solana Price Reach $60 By the End of The Year?

Crypto analyst Toni Ghinea predicts a significant downturn for Solana, foreseeing a drop to around $60 by late 2024. His projection marks a notable shift in SOL’s market value, reflecting the inherent unpredictability of digital currencies. This insight garners attention as it challenges the current understanding of Solana’s future market behavior. 

The current market dynamics for Solana (SOL) present a scenario of high volatility and uncertainty. With increasing bearish pressure, there’s a growing speculation that SOL could soon approach the $80 mark. This trend, if sustained, could lead to a further decline, potentially bringing the price down to a critical $60 level. Market analysts closely observe these movements, as the continued bearish dominance could significantly influence Solana’s short-term value trajectory.

Conversely, a shift in market sentiment could alter this path. Solana can initiate an upward trend if buyers step in with substantial momentum, potentially breaking through the $110 resistance level. Such a bullish swing could pave the way for SOL to retest its previous high of around $121. This optimistic outlook hinges on the strength and consistency of the buying pressure. As the market remains on edge, the coming days are crucial for determining which paths Solana will tread.

The daily technical analysis for Solana paints a potentially bearish picture in the upcoming period. Current indicators, including most moving averages and oscillators, are neutral, hinting at a prevailing market uncertainty. The Relative Strength Index, standing at a neutral 47, might lean towards oversold conditions if the anticipated bearish trend takes hold. 

The Average Directional Index, currently at 28, aligns with a bearish forecast. Adding to this outlook, both the 20-EMA  and 50 Exponential Moving Averages are trending negatively, further supporting the possibility of a bearish phase for SOL. This technical assessment

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