Solana (SOL) was among the best-performing cryptocurrencies last year, rallying by almost 1000% at one point since January 2023. The asset hit a yearly high of $121.45 on Dec. 26, 2023. However, SOL’s price has undergone a significant correction since its 2023 highs. SOL is currently down by over 12% in the weekly charts and over 22% in the last 30 days. However, the asset is up 1.9% in the daily charts and over 278% in the previous year.
Also Read: Solana (SOL) Price Drops Below $100; When Will It Reclaim Lost Ground?
Solana (SOL) to fall to $70 before rallying further?
According to crypto analyst Bluntz, Solana’s (SOL) current movement resembles its late 2018 pattern. The analyst states, ‘Those who remember, remember. I can’t say exactly. Maybe there will be a final exit burst, or maybe a burst straight down to support. All I know is if it drops below $70, I will make a substantial purchase of SOL.‘
Also Read: Solana: Weekly $100 in SOL Since FTX Crash is Worth This Much
According to Bluntz’s estimates, SOL’s price could retract to $70 before reclaiming the $100 level. Falling to $70 would translate to a drop of about 20% from current levels.
Apart from Bluntz, another crypto analyst by the name of Pentoshi predicts SOL to drop to $70 levels before making any positive moves.
Also Read: Solana (SOL) May Rally 43% to $145 in February: Predicts Analyst.
Moreover, AltcoinSherpa also anticipates Solana (SOL) to drop to $70, stating, ‘$70 Solana seems like a fair price to get in.‘
The project has also seen a surge in orders for its mobile phone, Saga. According to reports, over 40,000 units have been ordered so far. The mobile phone may also aid the asset’s price to rally.
