Analyst Predicts Solana (SOL) May Dip to $70 Before Reaching $120

• Solana (SOL) Performance Overview
• Solana's (SOL) Potential Dip and Recovery
• Other Analysts' Predictions
• Solana's (SOL) Mobile Phone Surge

Solana (SOL) Performance Overview

In the previous year, Solana$104 5.03% (SOL) emerged as one of the top-performing cryptocurrencies, surging by almost 1000% at a certain point since January 2023. The peak of this rally was observed on December 26, 2023, when SOL reached an annual high of $121.45. Despite this impressive performance, SOL's price experienced a noteworthy correction from its 2023 highs. As of now, SOL has depreciated by more than 12% on the weekly charts and over 22% in the last 30 days. Nevertheless, the asset has recorded a 1.9% increase in the daily charts and a striking 278% rise in the past year.

Solana's (SOL) Potential Dip and Recovery

Crypto analyst Bluntz opines that the current trajectory of Solana (SOL) mirrors its pattern in late 2018. According to him, if SOL's price drops below $70, it presents a prime buying opportunity. Bluntz estimates that SOL could retract to the $70 mark before reclaiming the $100 level, a scenario that implies a drop of about 20% from present values.

Other Analysts' Predictions

Bluntz's insights are echoed by another cryptocurrency analyst named Pentoshi who also forecasts SOL to drop to $70 levels before making any positive moves. Furthermore, AltcoinSherpa anticipates Solana (SOL) to reach $70, suggesting it as a reasonable entry point for potential buyers.

Solana's (SOL) Mobile Phone Surge

In addition to its market performance, Solana (SOL) has experienced a significant rise in orders for its mobile phone, Saga. Reports indicate that over 40,000 units have been ordered thus far. This surge in mobile phone orders may contribute positively to the asset's price performance in the near future.

Edited by Jonathan Stoker