Analyst Sounds Warning For Bullish Investors, Says Solana Will Crash 42% To $80
Solana has gotten a bearish warning despite being one of the best performers over the last year. This prediction goes against the grain of current speculation where a rise to as high as $1,000 has been forecasted for the...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
Solana has gotten a bearish warning despite being one of the best performers over the last year. This prediction goes against the grain of current speculation where a rise to as high as $1,000 has been forecasted for the price. But it seems not everyone shares this sentiment as one crypto analyst has predicted that the auction’s price could suffer a massive 42% crash from here.
Solana Price Turns BearishIn an analysis on the TradingView website, crypto analyst Alan Santana has warned that the Solana price is turning bearish. The analyst points to developing trends in the year 2024 compared to the year 2023 and how the current trends are more bearish. This takes in the volume of the altcoin and what has happened as a result of major spikes.
For example, the analyst points out that in the chart, 2023 looks better than 2024. For one, the 2023 chart shows a lot of large spikes in the volume which are green. This meant that the volumes were rising, and as a result, there was also a notable spike in the Solana price.
In line with this, there has also been notable spikes in the Solana volume in 2024, but that is as far as the similarities to. This time around, the spikes in the volume are red and the Solana price has crashed following this. This suggests that the current trend is more bearish and the price could fall further from here.
The target from here is a crash to as low as $80. Now, if this does play out, then the Solana price would be seeing an over 40% crash. If the crash continues further, retracing the gains from the year 2023, a move down to $60 could be expected. At such prices, it would mean an over 50% decline.
This Is Not The Time To Be BullishThe 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.
“Bitcoin moved up today and spook some people; the effect on Solana and the other Altcoins is minimum, you can see basically no growth,” the crypto analyst pointed out. “This is the proof that I mentioned on how to spot the end of the correction.”
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on NewsBTCRelated market context
Polygon Extends Open Money Stack to Solana for Stablecoin Payment Flows
TL;DR: The company said customers can fund accounts through bank transfers, cards, cash or digital assets, then route supported to...
Binance Hacker Moves $96M in Stolen Solana to Bitcoin as Laundering Efforts Continue
On November 1, the wallet associated with the incident transferred approximately 486,970 SOL, valued at $46.4 million, toward Bitc...
Further Asset Management Taps Chainlink ACE for Abu Dhabi Compliance Platform
TL;DR: The company described jurisdiction-specific rules that can be encoded into workflows so institutions can assess requirement...
Mark Zuckerberg’s Meta AI Predicts an XRP Explosion as Binance Resumes Withdrawals Following Hack
Something potentially massive could be coming for Ripple XRP, according to Mark Zuckerberg’s AI bot. Meta AI predicts that XRP cou...
Anthropic’s Claude AI Predicts a Seismic BNB Move Post-Binance Hack
Something potentially transformative could be on the horizon for BNB by January 1, 2027. Anthropic’s Claude AI predicts that even...
Ondo Brings Seven Tokenized Investment Portfolios to Solana
TL;DR: Ondo launched seven investment-portfolio tokens on Solana for eligible non-US investors. Its reported $45 million in earlie...