Crypto Kaleo, a prominent crypto expert, forecasts that Solana (SOL) may experience a further decline to $120. This decline could perhaps serve as a foundation for a more robust upward movement, allowing for consolidation before trying to reach new record levels.
The expert accurately forecasted a decline in the price of Solana on August 27, and within three days, it dropped to $130. Today, the analyst reported that the value of cryptocurrencies has decreased by approximately 5% in the past 24 hours.
Solana reached its highest value ever (ATH) of $260 in November 2021. Earlier this year, the token reached $200, which led to discussion about a potential new ATH.
On the weekly chart, SOL seems to be exhibiting a recognizable pattern, resembling its descent from $204 to $78 in March 2022. Although the price may not decrease significantly, it will probably decline to $120 or possibly as low as $110.
Last month, the SEC classified Solana (SOL) as a possible security, affecting the launch of SOL ETFs. This has led to the Chicago Board Options Exchange (Cboe) withdrawing the 19b-4 forms from its website, causing a delay in the certification process. The SEC concerns have also led to the withdrawal of VanEck and 21Shares’ 19b-4 forms from Cboe Global Markets’ website.
