The world of cryptocurrencies is holding its breath and experts’ concerns about the future of Solana (SOL) are causing a sensation. Benjamin Quinn, founder of ITC Crypto, predicted with great confidence that Solana would head for a dramatic drop towards $85. While some talk about an imminent correction, others suspect an imminent correction, others suspect unnecessary panic that could further destabilize Solana.
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Possible major correction for Solana
Coween’s predictions are based on historical comparisons between Ethereum (ETH) and Bitcoin (BTC), as well as Solana (SOL) and Bitcoin (BTC). He points out that ETH/BTC once experienced a massive 90% drop from its 2018 peak before experiencing a spectacular 500% recovery starting at the end of 2020.
Solana seems to be following this pattern, as SOL/BTC also suffered a similar 90% decline from its peak in 2021, and has shown signs of recovery since mid-2023.
Lack of cohesion and assembly stage. Bleak outlook
Coin warns that SOL/BTC has not yet gone through the crucial consolidation phase – an indispensable precursor to this recovery phase. Without this consolidation, Solana is expected to suffer for the remainder of the year.
Other experts like Plantz amplify this bleak perspective by predicting another drop from SOL to $85. It seems that this scenario can only be avoided if Solana rises to at least $195 in the short term.
Robin Hood’s integration as the lifeblood of SOL?
As dark clouds loom over Solana, there are bright spots: Robin Hood Markets Inc (HOOD) has integrated Solana (HOOD) into its portfolio, allowing users to hold their SOL tokens and conduct blockchain transactions. This integration can boost confidence in Solana and lead to increased market demand.
Interestingly, the price of SOL saw an immediate rise following this announcement, reflecting market optimism about potential future transaction activity.
Burning question: Can Robin Hood’s merger prevent Solana’s landing?
The burning question now is: Could Solana’s integration with Robin Hood’s wallet be a real lifeline and prevent an expected price drop? Will improving access and increasing user acceptance be enough to restore trust in Solana and sustainably stabilize its price?
The coming months will reveal whether these dual forces – gloomy expectations and positive market adjustments – will balance or whether Solana will actually fall to $85. One thing is certain: the eyes of the crypto community are on Solana, and the tension couldn’t be higher.
