Will the Solana price drop after recovering from the crypto market crash on August 5?
On Aug. 5, the Solana price fell to $110.46, marking its lowest level in the last 3 months. However, SOL wasn’t the only coin to collapse that day amid various economic indicators. Despite this, Solana was one of the few crypto assets that quickly rebounded in value. By Aug. 9, SOL had already risen to $162.84, reflecting a growth of about 47.42%.
Since then, the SOL price has stabilized around the $150 level. But the question remains: will the Solana price drop again, presenting another buying opportunity, or is now the right time to enter the market?
Crypto traders are divided in their opinions. Some believe the Solana price will drop below $130 again and are waiting for the right moment to open positions. Others argue that further declines are unlikely and that the coin will continue to rise.
Crypto trader Nate suggests that the Solana price may not increase further but could hover around $160 with slight fluctuations before eventually falling lower. That points to a pattern on the chart that indicates a 60-day cycle low on Sept. 5, with a possible return to $109.
$Sol
60 day cycle low on september 5th
we are bouncing into the 0.618.
imo some thing like the red squiggly
I cant see us going for the highs again.
i was number 16 on the woo leaderboard the other day i hope i can work my way to the top. pic.twitter.com/ipyK6hnVYI
— Nate
(@zeroto100mil) August 8, 2024
On the other hand, another trader, known as Dubzy, believes that the Solana price is poised to jump, linking to a consolidation period that began around April 2024.
The longer the consolidation the bigger the pump$SOL pic.twitter.com/n5vE8FtjT5
— dubzy (@dubzyxbt) August 9, 2024
Similarly, trader RB6 is confident that the Solana price won’t drop significantly anymore. According to RB6, the crucial price level will be determined between Sunday and Monday. Based on his analysis, the trader believes that SOL will not fall below $125.
$SOL
If we get a weekly close above this level
i dont see us going lower
all eyes on sunday close and monday open pic.twitter.com/j4exmZYiaZ
— RB6
(@EcoGrahlol) August 8, 2024
Bitcoin’s (BTC) performance will also be a significant factor in Solana’s future price movement. While the performance of both coins differs, a sharp decline in BTC could trigger a broader market sell-off, affecting SOL and other altcoins.
Analysts at CryptoQuant note that Bitcoin’s price realization on short positions for whales is at $65,000. This suggests that when BTC reaches this level, holders may close their trades for profit, potentially leading to a price drop.
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