Expectations for Solana’s price skyrocketing above $200 have been widespread with the latest market recovery. Some predictions even reach as high as $1,000 for the cryptocurrency, but one analyst is taking a contrarian view. Alan Santana, a prominent crypto analyst, recently forecasted a significant crash for Solana that could reverse all its recent gains.
Santana’s analysis compares Solana’s current pattern to a notable trend from 2023. Last year, Solana experienced a surge in trading volume, which marked the beginning of a bullish run. Conversely, the present situation appears to be signaling a bearish trend. Santana observed that July 2023 saw a remarkable increase in buying volume for Solana, which came after about 45 days of upward price movement. This surge in buying volume propelled Solana to a peak of $209 within a year.
Today, a noticeable increase in Solana’s selling volume hints at potential trouble ahead. This spike follows 140 days of persistent bearish activity. If historical patterns hold, Solana’s price could be on the verge of a severe downturn. The current selling volume is the highest observed in over a year, indicating that the anticipated crash could be substantial.
Santana’s chart highlights several critical levels where Solana’s price could potentially fall. The first significant target is around $90, reflecting a 40% drop from its current levels. The second target is more dire, positioned below $60, suggesting an over 50% decline. This drop would be a significant milestone, as Solana’s price hasn’t dipped below $60 since November 2023.
The looming bearish pressure poses a serious threat to Solana’s triple-digit valuation. Santana’s analysis provides a stark warning that the digital asset could be headed for turbulent times ahead.
