Will Solana Go Down Further?

Will Solana Go Down Further?

Solana has been struggling and the price of Solana fell below $20 and has tested the psychological $10 support. Now a question arises will Solana Go Down Further or Will Solana Go Up?

To answer this question, let us analyze the 30 days chart of Solana:

Will Solana Go Down Further: Technical Analysis

Solana in the last 30 days has created several lows and we can expect the price to see a pullback again if Solana fails to break some important trendline (green). Solana is currently testing the resistance at $15.14. SOL will have to break this level before breaking an important level at $39.03. Another important level of upside for Solana will be at $46 and $72 in the coming times. Solana may see a couple of pullbacks unless it breaks the $39 mark.

image 205

Looking at the chart, Solana has adopted a bullish momentum and has been able to break the resistance at $12.21. This is for the first time in the last 10 days, Solana price is trading higher than the 30-day moving average. Solana faces one more resistance at $15.14. If Solana manages to break this resistance, we may see SOL price over $20 once again.

Read: Will Solana Recover and Solana Price Prediction 2023, 2025 and 2030

Will Solana Go Down Further: Other Factors

There will be a massive transformation in the financial industry by 2030. We may see digital currencies or digital modes of payment replace traditional methods of payment in the near future.

The financial industry has undergone significant changes since the COVID-19 pandemic. As a result of the recent Ukraine-Russia war, which resulted in Russia being dropped from SWIFT’s payment solution, more alternative methods of global payment solutions became available. Cash may no longer be used for payment, and borderless payment will be completed in a lot less time than it does now.

Talking about the future of Solana will more likely depend on the NFT market rather than the payment industry. With the evolution of blockchain technology, the value of a token will more likely depend upon the expansion of its blockchain network. Solana is more concerned about being the top NFT platform. As per one estimate, more than 200,000 people buy and sell NFTs every month. The current NFT market stands at $20.44 billion and it is expected to rise 10 folds by 2030 taking the valuation to $211.74 billion in 2030.

Solana‚Äôs market share of the total NFT trading volume rose from 7% to 24% according to Delphi Digital. In January 2022, JPMorgan published a report that Ethereum, which has the largest share in the NFT world is losing its market share to Solana.

Now considering the market condition to improve in the next few months and the NFT market to rise higher, we can say that future of Solana is very fascinating and in turn, this will help the price of SOL tokens to rise.

Conclusion

Considering the above analysis we may not see Solana dipping below $10. If Solana is able to break the critical resistance, we may see Solan once again over $20 or even higher. Therefore, Solana will not go down further.

Nitesh Singh

Nitesh Singh

Nitesh is primarily focused on political analysis and creates political opinions based on data. He also takes interest in writing Crypto articles mostly related to price predictions.

This site uses Akismet to reduce spam. Learn how your comment data is processed.