The post by veteran trader Peter Brandt suggests bullish sentiment towards Solana’s SOL, indicating confidence in its potential strength compared to Ethereum. However, despite this optimism, SOL has experienced a significant price decline of more than 14% since April 1, 2024.
Currently trading near $176, SOL has seen a slight upside momentum of 1.5% in the last 24 hours. Over the past 7 days, SOL suffered a substantial price drop of over 11%, although it still maintains a gain of nearly 40% over the last 30 days.
The decline in SOL’s price can be attributed to bearish price action patterns and a recent report by Dune Analytics, revealing a high non-vote transaction failure rate of 76.8%. It’s worth noting that SOL’s downturn is not unique, as other cryptocurrencies have also experienced downside momentum.
From a technical analysis perspective
SOL is currently in consolidation mode, trading between key levels of $200 and $170. A breakout above $200 could lead to a new all-time high, while a breakdown below $170 may result in a significant drop to around $148.
In the broader cryptocurrency market, top cryptocurrencies like Bitcoin, Ethereum, Binance Coin, Ripple, and Dogecoin have all seen substantial price declines over the past 7 days. This trend underscores market sentiment and suggests a correction phase ahead of Bitcoin halving.
Not a financial advice.