Solana’s price has undergone a significant correction since reaching a record high of $263 in November. Predictions from cryptocurrency analysts indicate that the price decline may continue in the short term.
How Much Further Can Solana Drop?
Crypto analyst Crypto Sensei shared insights suggesting that Solana’s price could decline to $167 by the end of December. The analyst noted that Solana 
$181 is moving towards the 200 Exponential Moving Average (EMA) level.
“I believe Solana’s price could drop to $167 by the end of December.” – Crypto Sensei
The chart followed by the analyst indicates that this 200 EMA level is situated at $167.
Another crypto analyst, Fred, also expressed concerns over Solana’s price, indicating a risk of further decline by year-end. Fred stated that SOL is approaching a critical decision point.
SOL is close to a critical decision.
Despite the negative outlook, opportunities for upward movement in Solana’s price were highlighted. VanEck forecasts that Solana could reach $500 next year, while Bitwise anticipates a rise to $750.
Asset management firm Lucky pointed out that the current sideways market environment offers more opportunities to buy Solana.
“Solana is in a buying zone and I predict it could reach a level between $400 and $500 in this cycle.” – Lucky
The differing opinions among analysts suggest that while Solana may experience fluctuations in the short term, it has growth potential in the long run. Overall market conditions and technological advancements could impact Solana’s future price movements.
Recent evaluations indicate that Solana may maintain its significant position in the crypto market due to its resilience and innovative projects.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
