Solana Flashes Strong Bearish Signal – Is a Drop to $90 Imminent?

As Solana (SOL) shows potential for continued bullish momentum in search of reclaiming the $200 resistance, an analyst has warned that investors should be ready for a possible bumpy ride ahead. 

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Technical Analysis: Alan Santana’s Bearish Prediction for Solana

Crypto trading expert Alan Santana has observed that Solana, the decentralized finance (DeFi) token, exhibited a significant bearish signal in August 2024 that could suggest a deeper decline in its price.

In a TradingView post on August 10, Santana pointed out that Solana’s recent price and volume patterns bear a striking resemblance to those observed in July 2023.

Source: TradingView/ Alan Sanatana

Historical Parallels: Comparing SOL’s Current Patterns to July 2023

In July 2023, after over 45 days of steady price increases, Solana experienced a strong bullish volume spike. This spike marked the beginning of a significant upward movement, as buyers showed strong interest in the cryptocurrency, pushing its price to new heights.

A year later, the analyst observed that the situation appears to have reversed. In August 2024, after 140 days of bearish price action, Solana showed a strong bearish volume spike. This movement suggests the continuation of the current downtrend, and the price action aligns with this bearish signal.

The analysis indicates that if this bearish momentum continues, Solana could be headed toward the $90 level—a significant support zone based on past trading activity. The coming days will be crucial in determining whether Solana can stabilize or if a further drop to $90 is on the horizon.

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This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.