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Solana (SOL) Will Not See New Low in 2023, Believes Analyst: But Will It Really?

Tue, 08/22/2023 - 09:50
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Arman Shirinyan
Analyst has bullish outlook for Solana, but situation on chart is questionable
Solana (SOL) Will Not See New Low in 2023, Believes Analyst: But Will It Really?
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The cryptocurrency market is a volatile space, with the prices of assets swinging wildly based on a myriad of factors. Amid this unpredictability, analysts and experts often provide their insights and predictions, guiding investors through a tumultuous landscape. One such recent prediction comes from a noted analyst, who believes that Solana (SOL) Will not hit a new low in 2023.

The analyst's reasoning is rooted in historical context. Drawing parallels with 2019, the analyst opined, "While 2019 is useful context, I don't think BTC, ETH, and SOL make new lows in '23 — 2022 was the low in my opinion." He further elaborated, "That doesn't mean we don't take a punch, but if right, it means the long-term uptrend will continue into '24 & '25 — be wary of bottom vultures that'll never buy."

Source: TradingView

At the time of writing, Solana (SOL) is trading at approximately $21.17. The current price trajectory and market sentiment do provide some weight to the analyst's prediction. However, it is essential to consider other factors that might influence Solana's price.

One such factor is the recent "death cross" that Solana experienced. Historically, a death cross, which is a technical chart pattern indicating the potential for a significant sell-off, has been a bearish sign. This could imply a potential downtrend for Solana, contradicting the analyst's optimistic outlook.

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Furthermore, while the analyst's prediction is rooted in historical data, the cryptocurrency market is known for its unpredictability. Factors such as regulatory changes, technological advancements, or even macroeconomic factors can significantly influence the price of assets.

Additionally, the current total value locked (TVL) on Solana, which is a measure of the total assets staked or locked in the blockchain's protocols, could provide insights into the network's health and potential growth. Unfortunately, at the moment, we could not retrieve the latest TVL data for Solana.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.