Cryptocurrency trader Pentoshi recently shared his thoughts on Solana (SOL) and where he sees the price heading in the near future. In a tweet, Pentoshi stated that he believes there will be another opportunity to buy SOL in the $35 to $36 range, and possibly even down to $32.
SOL has seen significant volatility in recent weeks and months, rallying to highs over $200 in November 2021 before declining to current levels around $40. Pentoshi seems to think the further downside is possible first before a potential recovery.
His view aligns with other analysts who expect continued bearish sentiment in crypto markets in the short term. Rising interest rates, recession fears, and blowups like FTX have shaken confidence in digital assets. SOL, like many altcoins, has been caught up in this sell-off.
However, Pentoshi appears optimistic that once SOL finds a bottom, possibly around $32, it could present a solid buying opportunity for investors with a long-term outlook. The blockchain platform and SOL token have strong fundamentals, backers argue, which could drive a rebound once macro conditions improve.
It remains to be seen whether Pentoshi’s predicted price levels will play out for SOL. Technical analysis combined with fundamental developments will likely determine if and when a bottom is found. But for investors looking to buy weakness, SOL seems to be on the radar as an interesting opportunity at lower prices according to this analyst.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.