On April 5, 2024, veteran trader Peter Breadt made a post on X (previously Twitter) indicating that the current SOLETH chart is experiencing strong resistance. Additionally, Peter highlights that if buyers absorb all this selling pressure, SOL may outperform ETH and double its value in the coming days compared to ETH. Besides this, Peter also stated, “BTW, if you have not figured it out yet, I love dumping FUD on ETH – I am actually not as bearish as my FUD indicates.”
Are investors and traders still bullish on SOL?
This post by a veteran trader indicates he is bullish on Solana’s SOL and shows his confidence in the potential strength and performance of Solana against Ethereum. Besides Peter’s optimistic outlook, Solana’s SOL price has fallen more than 14% since April 1, 2024.
Currently, Solana’s SOL is trading near $176, and in the last 24 hours, it experienced a 1.5% upside momentum. If we look at SOL’s performance over a longer period, in the last 7 days, SOL experienced a massive price fall of over 11%. Whereas, in the last 30 days, SOL still has a gain of nearly 40%.
However, the major reason behind this massive fall is the bearish price action pattern and the recent report by Dune Analytics which reveals Solana’s massive non-vote transaction failure rate of 76.8%. Additionally, Solana’s SOL is not the only cryptocurrency experiencing downside momentum.
Solana’s technical analysis and key levels
According to expert technical analysis, Solana’s SOL is in consolidation mode and is consolidating between a $200 and $170 price level. However, these two levels are very crucial for Solana. If SOL on the daily timeframe gives a breakout of the $200 level, then there is a high possibility that in the coming days, we may see a new all-time high. Whereas, if SOL on the daily timeframe gives a breakdown of this lower level of $170, then there is a high chance that SOL may experience a massive fall to the $148 level.
In the past 7 days, the majority of top cryptocurrencies including Bitcoin, Ethereum, Binance Coin, Ripple, Dogecoin, and many others have also experienced a massive price drop in their value. If we look at the percentage change in the last 7 days, Bitcoin experienced over a 3% price fall, Ethereum experienced a 5% price fall, Binance Coin experienced a 4% price fall, Ripple experienced nearly a 6% price fall, and Dogecoin experienced over a 15% price fall.
This massive price fall through the cryptocurrency landscape highlights market sentiment as well as a market correction before Bitcoin halving.
