Profit Blue Identifies Short-Term Weakness
Renowned within the crypto industry since 2014, an analyst operating under the pseudonym Profit Blue on the X platform suggests that Solana is likely to sustain corrections below $20 over the next few weeks. Considering the recent waning of Bitcoin’s bullish momentum, the analyst anticipates that Solana’s price could potentially descend to $16, having slipped beneath the crucial supply and demand zone spanning $23.25 to $25.
It’s worth noting that the analyst highlights Solana’s price trajectory within a macro symmetrical triangle, which is steadily approaching its breakout point. In this context, Profit Blue predicts that the lower boundary of this triangle will serve as a robust support level.
The Solana (SOL) network has successfully evolved into a mature Web3 ecosystem, capable of accommodating intricate smart contracts. With an aggregate value locked totaling approximately $316 million, the Solana ecosystem proudly boasts a market capitalization exceeding $1.5 billion for stablecoins. Additionally, the Solana network stands as the sole Web3 ecosystem equipped with a functional smartphone tailored for the blockchain industry.