- A new price discovery wave for the fourth crypto asset is underway.
- Solana’s recent dip may be a bullish sign.
Solana seems to be facing one of the disadvantages of being the alpha dog. This is the fifth-largest cryptocurrency in market capitalization and has suffered another blockchain attack. Throughout the incident, the platform remained operational.
The SOL price has fallen by 27% in the last 30 days due to technical attacks and network issues. There has been a 9.1 percent drop in the cryptocurrency price in the last 24 hours. At the moment, $150 is major support, and a drop below that level might spur a price increase.
According to a new Kraken analysis, Solana (SOL), an Ethereum competitor and smart contract platform, may see significant growth as early as 2022. According to a recent Kraken research, Solana has been trading in a strong bullish trend since 2020.
All -set for Second Leg of its Cycle
Since Solana’s all-time high of over $260 was just corrected, SOL is in a strong position to begin the second leg of its cycle. According to the study, a new price discovery wave for the fourth crypto asset is underway. Wedge formation might continue for a little longer if the fourth wave of price discovery is just getting started.
Solana’s recent dip may be a bullish sign, as the diagonal support may have been retested, indicating a possible rebound. Data implies a longer period for consolidation for SOL.
The longer SOL holds the wedge’s uptrend line as support. The higher SOL may rise before cooling off and initiating a downtrend. Solana’s price might rise to $600 by January 2022 if it recovers rapidly. From its current price of $151, the stock has to gain nearly 400 percent.