As a seasoned crypto investor with over a decade of experience navigating the volatile waters of the digital asset market, I must admit that the bearish prediction for Solana has piqued my curiosity and raised some red flags. While I’ve seen my fair share of bull markets that seem unstoppable, I’ve also learned the hard way that even the most promising assets can take a nosedive when least expected.
As a crypto investor, I’ve noticed the bullish outlook surrounding Solana, given its impressive performance over the past year. However, recent bearish warnings have me questioning the future trajectory of this coin, as some analysts predict a potential 42% price drop. Despite widespread speculation projecting a rise to $1,000, it seems not everyone shares this optimistic view.
Solana Price Turns Bearish
On the TradingView platform, crypto expert Alan Santana has issued a cautionary note about Solana’s price trending downward. He emphasizes shifts in patterns observed between 2024 and 2023, noting that the recent trends lean more towards bearishness. This observation includes the volume of Solana and the consequences following significant surges.
In simpler terms, the analyst highlights that according to the graph, the year 2023 appears more promising than 2024. Notably, the 2023 chart is characterized by numerous significant upward jumps (spikes) in volume, which are green. These spikes signify an increase in volume, leading also to a substantial rise in the Solana price during that period.
As an analyst, I’ve observed significant surges in Solana’s trading volume during 2024, a pattern reminiscent of past events. However, unlike previous instances where these spikes were accompanied by price increases, this time around, the volume has turned crimson and the Solana price has plummeted post-surge. This indicates that the current market trend is leaning bearish, suggesting the potential for further price declines in the near future.
From where we stand now, the predicted drop in Solana’s price might reach as low as $80. If this trend unfolds, there will be a significant decrease of more than 40%. Should the downtrend persist and erase all gains made in 2023, a potential fall to $60 could materialize, equating to over 50% decrease in value.
This Is Not The Time To Be Bullish
The crypto analyst warned investors that being bullish on the Solana price right now could be a mistake. Santana further points out that the price of Solana barely moved even with the Bitcoin recovery. This lackluster performance could suggest that the bullish wave is over.
Today, Bitcoin increased which unsettled some investors; however, the impact on Solana and other alternative cryptocurrencies was minimal, with virtually no growth observed.” The crypto expert noted this as evidence of what he had earlier discussed about identifying the conclusion of the correction phase.
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2024-09-16 10:34