Evai’s CEO, Matthew Dixon, said in a new tweet earlier in the day that an altcoin in the top 10 would be “worthless” in the long run.
The famous CEO believes there will be a sharp sell-off in the popular altcoin project
Evai CEO Matthew Dixon (@mdtrade) said today that his long-term view on Solana (SOL) is “the last rise before a sharp sell-off.” He added that the sharp selling may have a geopolitical theme, given that the US economy is currently stable.
This long term view of #SOL expects a final push to the upside before a sharp selloff which I suspect may have a geopolitical theme. A "black swan" of some sort is my guess as currently US economy stable. The red Y wave reaches #FIB 0.618 of the red W up from the bottom. #Evai pic.twitter.com/TB1LNuVkjm
— Matthew Dixon – CEO Evai (@mdtrade) February 24, 2023
At the time of writing, SOL price is down around 1.5% in the last 24 hours, according to CoinMarketCap. It should be noted that despite the 24-hour drop in SOL price, its weekly performance is in the green at 3%. Solana, which saw below $10 after the FTX crash in November, is currently trading at $23.45 and is about to re-enter the top 10.
Solana (SOL) technical analysis
Technically speaking, the price of SOL is currently at the daily support level at around $23.89 at the time of writing, after dipping below the 9-day EMA line today. This price level will be the second-to-last line of defense for the SOL price to drop to the next support level at $22.49.
Technical indicators on the daily chart of SOL are currently neutral, suggesting that the price of SOL may enter a consolidation phase towards the end of the week. At the time of writing, the daily RSI is hovering above the RSI SMA. Also, the 9-day and 20-day EMA lines are trading almost parallel to each other.
According to analyst Steven Walgenbach, if the price of SOL closes today’s trading session above the aforementioned price level at $23.89, the bearish thesis will be invalidated and it may seem like the price of SOL is targeting the resistance at $25.11.
Altcoin continues to rise on the weekly timeframe
Analysis of the weekly chart reveals the volatility of the market after a consistent move, which means that Solana price is immune to experiencing volatile change on both extremes. The high value is available at $24.08 and an open price of $24.06. Conversely, the low price is at $23.58 with a change of -1.49% and a closing value of $23.70.
SOL/USD price seems to be moving above the Moving Average price, which indicates a bullish move. However, the trend of the market seems to have shown bearish dynamics over the past few days. As a result, the market decided on a negative approach.
Solana price analysis reveals that SOL has a downtrend with much room for more activity on the downside. Also, the current situation of the market seems to be following a negative course. Therefore, we can assume that the bears will start moving soon to start their control over the market. As Kriptokoin.com, you can take a look at the latest developments that will support Solana’s price movements in this article.
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