TL;DR
- X user Bluntz predicts a further drop in Solana price and sees it as a buying opportunity.
- Solana's on-chain trading volume decreases, but nft sales volume increases.
Is SOL Headed For Further Decline?
According to Bluntz, the popular trader who goes by the handle The analyst also believe that SOL has recently charted a specific trajectory called the “B wave triangle.”
The pattern is one of the stages of the Elliott wave theory and occurs during the correction phase. In the “B wave triangle,” the value of a given cryptocurrency creates a series of lower highs and lower lows and suggests a period of consolidation before making a significant move in either direction.
Bluntz sees SOL's potential decline as an opportunity to buy the dip, saying “maximum bidding” will begin if the price pulls back into the “low 70s.”
Shortly after, the trader noted Solana's drop below the previously described resistance level of $87, and asked if the bulls had already started buying.
Users X Ali and JAKE too Willing SOL predictions lately. The first forecast a rally towards $163 if the asset broke the $110 resistance mark. JAKE was even more optimistic, praising Solana's “robust” ecosystem and setting a staggering $750 per coin. Those willing to explore additional forecasts can watch our latest video below:
A closer look at some on-chain metrics
Solana's recent price correction coincides with a decline in its on-chain trading volume. According to DefiLlama, the figure has He slipped below $700 million in the last three days, far from the peak of more than $2.6 billion reached in late December, when SOL surpassed the $120 mark.
The total volume locked (TVL) on Solana has also decreased since the beginning of 2024. The metric refers to the total value of digital assets locked or staked on a given platform. As such, the decrease in SOL price leads to a reduction in TVL. It is also possible that assets were leaving the network as users unblocked to eliminate risks.
It's not all bad news, however, as Solana marks some progress in the field of non-fungible tokens. nft sales volume over the past week has leap to nearly $70 million (an increase of 55% compared to the previous week) and $10 million on a 24-hour scale (an increase of 9%).
ethereum remains the leader, with $110 million generated in the last seven days. However, its increase is around 20%, thus placing it behind Solana.
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