The reasons for the possible drop in the cryptocurrency of a Ukrainian developer by 40% are named

According to cryptocurrency analysts, the digital asset Solana (SOL), created by Ukrainian developer Anatoly Yakovenko, has every chance of falling by 40% in the near future. Price action, key technical indicators, and wave analysis point to a further decline in SOL.

Technical analysis of the daily timeframe shows that Solana’s price has been declining since April 17. on June 4, it reached a lower high, after which it strengthened the downward momentum. As a result, on June 10, the asset reached a local low of $ 12.80, breaking through the $ 17 support level that had existed since the beginning of the year.

on June 22, SOL retested this level and has been falling since then. «It looks like a normal breakout and retest, after which another decline is expected ,» the experts emphasized.

The analysis of the wave model confirms the possibility of a drop. SOL is currently trading at the intersection of horizontal and diagonal resistance levels. If the wave calculation is accurate, the asset’s price will drop to $ 9.72. At the time of writing, Solana is trading at $ 16.15.

According to the calculations of the PricePredictions machine learning algorithm, on July 1, SOL will trade at $ 15.84. According to the results of the past weeks, the Solana project token was among the main losers from the top 10 best. This is due to the fact that the US Securities and Exchange Commission (SEC) has named Solana, BNB, Cardano, and Polygon as securities in its lawsuits.