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Solana price experienced a 3% drop in the last 24 hours to trade at $59.54 at 5 a.m. EST, while the token's daily trading volume has also fallen by more than 12%.
A closely watched crypto strategist, Altcoin Sherpa on X, told his followers that he expects SOL to be one of the cryptocurrencies that will lose some of its gains before the next rally. In addition to SOL, he also expects LINK and AVAX to experience similar behavior.
Many .382 + 200 EMA (4h) fibs are appearing on some of the best coins. $LINK $SOL $AVAX
These areas + the .50 fib are the regions I am looking at
Further reduction is expected before any strong continuation. I would like to see a reduction + consolidation to form a strong + base… pic.twitter.com/Cw8uegKlEu
—Altcoin Sherpa (@AltcoinSherpa) November 27, 2023
For Solana, this could lead to an 18% drop to the price of $48.72, according to Altcoin Sherpa.
Solana price forecast with experts warning of slow slowdown
While Solana price is up almost 3% on the weekly chart and more than 73% month-on-month, experts like Altcoin Sherpa believe that the coin will see a correction soon.
The expert's opinion is further supported by the apparent weakness in buyer power, as seen in the chart below, which will likely lead to a retest of the critical $50 support and possibly a further drop to the $42 range. $45 before the bulls come back to buy the dip and push the price up again.
While there is no guarantee this will happen, the fact is that Solana is at a crucial decision point. A correction seems imminent if it fails to break resistance or rise further, especially as the coin fails to return to the bullish channel.
But, since it has not yet fallen lower, a correction is not a certainty; Even a small positive development could turn things around for the coin and help it secure a position above the $60 resistance.
In the long term, SOL will likely see a return to the $100, $150, $200, and $250 resistances, and will likely spike to a new all-time high.
However, this is unlikely to happen before early 2025 as it would require one of the massive bull runs, such as those seen in 2021 and before that, in 2017.
However, in the short term, Solana has two key price levels: a solid resistance at $67, which was its crucial support in August 2021, and a resistance at $79, which held its price in 2022.
But both seem to be out of reach as purchasing power is faltering, so unless a fresh rally begins, SOL will most likely see a correction to the mid-$40 level in the coming days.
Solana price: promising alternative
BTCMTX, a crypto token powered by the bitcoin Minetrix project, has seen one of the largest pre-sales this fall. The project has raised over $4.55 million and its token is selling for $0.0119. Some analysts even say it could explode 10 times upon launch.
bitcoin Minetrix aims to provide cryptocurrency users with a safe, transparent, and reliable way to mine bitcoin without paying substantial electricity bills or investing thousands of dollars solely in mining rigs.
To do this, it offers a cloud mining platform powered by BTCMTX.
Once integrated into a ethereum?src=hash&ref_src=twsrc%5Etfw”>#ethereum smart contract, the $BTCMTX #Symbolic opens the way to access bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin cloud mining.
Enthusiastic participants can purchase and use effortlessly #BTCMTX tokens to acquire cloud mining credits, exchanging them for hashing power. pic.twitter.com/nAYywbb82K
—Bitcoinminetrix (@bitcoinminetrix) November 29, 2023
Simply put, BTCMTX owners can stake their tokens and in return receive credits that they can use to mine bitcoin securely and transparently.
The project highlights the importance of transparency and the fact that its platform is fully decentralized, as it is aware of the mistrust that many may have towards cloud mining platforms.
Simplifying your bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin mining trip with #BitcoinMinetrix!
Discovering a tokenized cloud mining platform designed for everyone.
Mining $btc Securely and transparently with a decentralized process! pic.twitter.com/lh0WFCUqJY
—Bitcoinminetrix (@bitcoinminetrix) November 28, 2023
There have been many such scam platforms over the years. Still, bitcoin Minetrix's focus on decentralization and transparency assures users that their funds will be safe and they will remain in control.
#BTCMTX provides a reliable cloud mining option for everyone.
Previous concerns about expensive hardware and deceptive cloud mining schemes have discouraged entry into this space.
This decentralized approach ensures transparency and a safe mining experience. pic.twitter.com/r3613htyCp
—Bitcoinminetrix (@bitcoinminetrix) November 27, 2023
Anyone interested in purchasing BTCMTX is in a unique position to obtain the token at a lower price as they will see a price increase in less than 48 hours.
You can buy BTCMTX with a credit/debit card or get it in exchange for eth or USDT.
Related news:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
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