Solana Down 40% But Analyst Says Now’s The Time To Buy SOL
Summary
Solana, a top altcoin, has faced a recent correction, dropping around 40% from its Q1 2024 high. Analyst Raol Pal suggests this as a good time to consider buying Solana, citing a support zone at $120-$125. However, the coin's performance is tied to market developments and on-chain activity, which has seen a drop recently. Ethereum's layer-2 solutions are gaining traction, potentially impacting Solana's demand. The approval of a spot Ethereum ETF by the SEC and the stock market rally could also influence capital flow to Ethereum.
