Analyst warns about major SOL price crash
The Solana (SOL) network, a high-level Web3 ecosystem that aims to dethrone Ethereum (ETH) as the dominant smart contract blockchain, has seen significant activity on the chain in recent times. As fears of further crypto sell-offs intensified in the coming weeks, Solana prices rejected a possible bullish breakout following significant declines last week and on Monday.
According to the latest market data, the price of Solana has fallen by more than 21% in the last two weeks. However, the large-cap altcoin, which has a fully buried value of nearly $80 billion, rose more than 15 percent in the past 24 hours to trade around $138 in mid-day trading in London on Tuesday.
Analyst issues warning for Solana traders
According to crypto analyst Ali Martinez, Solana's hourly price is nearing a tipping point that could lead to either a further bullish recovery or future buying potential. The crypto analyst pointed out that the TD sequence indicator has turned sell on the SOL hourly time frame.
Therefore, the crypto analyst expects the price of Solana to bounce back in the range of $130 to $135. However, if Solana price closes above $146 in the coming days, this could push the altcoin to $166.
Market picture
With more than $4.4 billion in total value locked (TVL) and more than $3.5 billion in stablecoin market capitalization, the Solana network has steadily outperformed Ethereum's Web3 activity. Despite the lack of an ETF market in place, Solana's activity on the chain has been steadily growing, fueled by the mm coin industry.
So, after consolidating over the past seven months, the SOL/ETH pair is at a new all-time high.
