An expert in the cryptocurrency market, known for accurately forecasting market trends, is now focusing on Solana. This expert believes that Solana's price is at a low point and has identified where it will go next.

Solana Likely to Reach Over $200 After Reaching a Low

A cryptocurrency analyst, Bluntz, recently shared on a social media platform his prediction that Solana will hit a price bottom at $162 before starting to rise. By analyzing price charts and using technical analysis like the Elliott wave theory, Bluntz believes that Solana could see a significant increase in value in the near future.

The Elliott wave theory is a method of predicting price movements by observing recurring patterns related to shifts in investor sentiment. Bluntz previously predicted that Solana would reach $224 after hitting the $162 bottom in the coming days.

Latest Updates on Solana's Price

Currently, Solana's price has been declining rapidly, showing double-digit losses over the past few weeks. The cryptocurrency is currently trading at $151.15, a 12.32% and 13.93% drop in the last 24 hours and week respectively.

The recent network issues faced by Solana, including a blackout in April with a high rate of transaction failures, have led to a decrease in the cryptocurrency's value. Despite efforts to resolve these issues, Solana's price continues to fall.

It is worth noting that the current price of Solana is lower than the predicted bottom of $162. This has raised doubts about the possibility of a positive market rebound for Solana due to concerns about the network's ability to handle transactions efficiently.