Major cryptocurrency Solana is looking at a price reversal to $250 based on its chart analysis. The 6th largest cryptocurrency by market capitalization has suffered a significant price drop during the last couple of weeks, but it could be in for a short-term reprieve. The parent Solana Foundation has also teased a new development on October 20, and the community is eagerly waiting for this move as well to understand where things are headed.
Solana to Recover to $250?
Ali, a popular crypto commentator on X, believes so.
Ali has over 160,000 followers on the popular microblogging network. He previously correctly predicted the recent price drops and employs a cautious approach regarding the proceedings.
Here is SOL’s price action from the last 30 days:
The major cryptocurrency suffered a roughly 25% price drop since the start of the month, with a particularly sharp decrease occurring on the 10th of October. The move followed even larger price dumps from the rest of the crypto market overall, which raised fears of an early return to the bear market amid liquidations of around $18 billion in the crypto derivatives market.
Solana Foundation Teases New Development
The Solana Foundation, on the other hand, is trying to drum up investors’ interest in the decentralized network with new developments. Recently, a teaser regarding a new development was released by the network.
Not much is known about the nature of the development, but the organization has scheduled it for the 20th of October. Twitterati’s reaction to the development was mixed, with some claiming the foundation is launching new ATM cards under the Solana name, while others responded with memes and hopes of a major bull market.
The Future
Solana, like the rest of the altcoin market, is under major pressure to reverse the current bearish trend immediately. The top-ranked programmable blockchain has long been a fan favorite of the crypto market because of its extensive use in on-chain development.
Now, SOL is at a major crossroad in October, a conventionally bullish month that has taken a turn for the worse. But many analysts are still hopeful that the crypto market, led by SOL, ETH, and other major cryptocurrencies, can still mount a swift comeback and bring the situation back under control.
