Solana Winter Coming? Whale Traders Target This Range For 'Great Entries For The Long Run'

Solana SOL/USD, the star performer among altcoins in 2023, may see a significant dip shortly, according to prominent analysts.

Some are eyeing a dip into the $70s as a potential long-term entry point.

Pentoshi, a household name among crypto analysts, doubts whether Solana will drift to his initial short-term price target below $70. They still expect an opportunity to "bid" in the range between $70 to $80 at some point.

Pentoshi's focus seems to be shifting beyond short-term trading, indicating a growing interest in holding Solana ecosystem coins for a longer period.

Rekt Capital, another analyst, paints a more cautious picture.

Rekt Capital highlights the weak reaction to the recent range low and emphasizes the importance of a potential weekly close below this key technical barrier:

$SOL

Weak reaction from the Range Low, this reaction was promptly cancelled out

Now #SOL is threatening to lose Range Low as support

Weekly Close below the Range Low could begin the breakdown process into the green area below

Let's see how the Weekly Closes#Crypto #Solana https://t.co/Nv5fYEqpEL pic.twitter.com/VwwJaeWxEe

— Rekt Capital (@rektcapital) January 7, 2024

Also Read: Crypto VC In Chilling Grips Of Winter: Galaxy Research Reveals A Lack Of Dealflow

Altcoin Sherpa targets the range between $70 and $80, reiterating its existing plan that focuses on the .382 and .50 Fibonacci levels as ideal entry points for the long term.

While noting some profit-taking at higher levels, Altcoin Sherpa remains optimistic about Solana's future potential.

Overall, all three traders see potential dip-buying opportunities but also warn of potential breakdown risks in the short term.

The upcoming weekly close will be crucial in determining the direction of the trend, with a breach below the range low potentially opening the door for further declines.

Read Next: Inside The Mysterious $1.2M Bitcoin, Genesis Wallet Transfer: Who's Trying to 'Flush Satoshi Out?'

Photo: Shutterstock