Strong Bearish Signal Appears In Solana Chart, Where Is Price Headed Next?

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As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I have learned to take predictions with a grain of salt, especially when they suggest drastic price movements. However, I must admit that Alan Santana’s analysis has piqued my interest, not because it’s optimistic or pessimistic, but because of its methodical approach and the striking similarities he draws between the current Solana trend and the one we saw back in 2023.

There’s been widespread optimism that Solana’s price will surpass $200 following its recent recovery. Some analysts have even projected prices as high as $1,000, but one crypto expert, Alan Santana, is offering a contrasting viewpoint. In a recent report, he forecasts a potential crash for Solana that could undo all the gains made over the past week.

Solana Shows Similar Patterns To 2023

In his analysis, crypto expert Alan Santana notes that Solana’s cryptocurrency appears to be exhibiting characteristics reminiscent of a pattern from 2023. Previously, this pattern involved an increase in altcoin trading volume, marking the start of an upward trend. Now, though, there seems to be a downturn in volume, possibly indicating the onset of a bearish phase for this digital asset.

In July 2023, I noticed an impressive surge in Solana’s buying volume, which was at its peak during that period. As per the analysis, this significant increase in demand kick-started approximately 45 days after a series of bullish price movements for the altcoin. This trend propelled the coin further into a bull run, eventually reaching an astounding high of $209 within less than a year.

Examining the recent surge in SOL sell volume in relation to the current trend might offer insights into where Solana’s price may be moving next. Interestingly, this increase has occurred following 140 consecutive days of downtrend in the SOL market.

Based on the data from the 2023 trend analysis, it’s possible that the Solana price might continue to decline. The unusually high trading volume we’re seeing now is the highest in over a year, which suggests an impending and potentially substantial drop in value.

How Low Will The SOL Price Go?

As bearish selling intensifies on Solana’s price, it’s becoming increasingly challenging for SOL to maintain its triple-digit standing. In his analysis, Alan Santana identifies several points where he anticipates the SOL price could drop, and both of these potential levels are beneath the $100 threshold.

The first of the two is around $90, which is around a 40% price decline from its current level. Moving love, the second target is placed below $60, meaning an over 50% decline in price. Additionally, a drop to this level would mean a new one year high, since the SOL price hasn’t been below $60 since November 2023.

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2024-08-13 18:40