BCGAME - Free 5BTC Daily Bonus!A renowned cryptocurrency expert shared a bearish warning for Solana (SOL), highlighting that the token's price could drop to the $122 level soon.
Amid the recent decline in the broader market, the Solana cryptocurrency has seen notable drops in its price in recent days. In the last two weeks alone, the price of SOL has registered a drop of almost 20%.
Analyzing the current scenario, cryptocurrency analyst Ali Martinez shared in his technical analysis that currently, the Solana cryptocurrency appears to be forming a head and shoulders pattern and, as a result, a drop below the $141 zone could result in a correction that will take the SOL token price to the $122 level.
“Solana may be forming a head and shoulders pattern on the hourly chart, which suggests a drop below $141 could trigger a correction that sends $SOL to $122!” he wrote.
#fading could be forming a head and shoulders pattern in the hourly chart, which suggests that a drop below $141 might trigger a correction that sends $ SOL to $122! pic.twitter.com/o39Vn0FY8z
— Ali (@ali_charts) August 12, 2024
At the time of publication, the price of Solana was quoted at US$145,72, down 2.1% in the last 24 hours. Currently, Solana (SOL) trading volume is $3.128.156.502 in the last 24 hours, representing a 30,20% drop from the previous day, and signaling a recent drop in market activity.
Blockchain Solana faces some transaction failures and concerns are raised
One of the best-performing blockchains in the industry, Solana (SOL), has once again come under the spotlight in the industry due to significant issues in its performance. The Solana blockchain, which is known for its fast transactions, comes facing up some criticism for high failure rates in their transactions.
Notably, an analyst known as Dave brought the matter to light, highlighting, in a post shared on platform X, a serious problem on the network. According to the analyst, Solana's transaction failure rate is quite high. This problem in the blockchain affects the user experience, in addition to undermining the benefits of the network.
