Despite a brutal 20% correction, Solana (SOL) shows remarkable resilience. According to renowned analyst Chris Burniske, this altcoin has the potential to challenge the current crypto market leaders and capture the top spot.
Despite the turbulence, Solana remains on course towards first place
This weekend, the crypto market was shaken by a sharp decline. Bitcoin fell almost 8%, leading to the liquidation of more than $1 billion in positions. Solana, like other cryptos, was not spared, its price plunging towards $115.
However, according to the analyst Chris Burniske, SOL's rebound at the 100-day exponential moving average (EMA) is a testament to its ability to absorb shocks. The next support levels to watch are at $100 and at the 200-day EMA, around $110. The SOL price reaction at these levels will provide valuable insight into the upcoming trend.
The chart shows a double top configuration, a technical sign of a potential bearish reversal. However, a consolidation above $110 and a break of $115 would invalidate this scenario, opening the way to new highs.
The Solana ecosystem as a growth engine
For Chris Burniske, the recent challenges encountered by Solana do not call into question its long-term upside potential. On the contrary, he believes that crypto will gain value, in particular thanks to the abundance of “memecoins” and the interest generated by its memetic projects, which constitute a powerful vector of attractiveness and growth for the network.
Furthermore, according to CoinGlass data, open interest on Solana futures reached a yearly high in early April before falling 21% to $1.62 billion in the last 24 hours, following the general trend of the walk. This correction resulted in the liquidation of $36.55 million in long positions.
Despite these headwinds, analysts remain bullish on Solana. Top trader GCR Classic sees this as an accumulation opportunity, while crypto entrepreneur Kyle Chasse told his followers on
Although the road to the top looks rocky for Solana, as evidenced by recent network congestion issues, its bustling ecosystem and bold predictions from experts like Chris Burniske are staying the course. The next few weeks will be decisive in confirming or denying the status of SOL as a potential “Ethereum killer”.
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