Solana has received a bearish warning despite being one of the best performers over the past year. This prediction contradicts A grain of current speculation The price is expected to rise to $1,000. But it seems that not everyone shares this sentiment, as one cryptocurrency analyst predicted that the auction price could suffer a massive 42% collapse from now on.
Solana price turns bearish
in analysis On TradingView, crypto analyst Alan Santana warned that Solana’s price is turning bearish. The analyst points to developing trends in 2024 compared to 2023 and how current trends are more bearish. This takes into account the altcoin’s size and what happened as a result of the big spikes.
For example, the analyst points out that 2023 looks better than 2024 on the chart. First, the 2023 chart shows a lot of big spikes in volume which are shown in green. This means that volumes were rising and as a result, there was also Significant increase in Solana price.
In line with this, there were also notable spikes in Solana trading volume in 2024, but that’s about the limit of similarity. This time, the spikes in volume were in the red and Solana’s price subsequently crashed. This suggests that the current trend is more bearish and the price may fall further from here.
The target here is a breakdown to a low of $80. Now, if this happens, Solana price will see a drop of more than 40%. If the breakdown continues further, and it regains the gains from 2023, a move to $60 can be expected. At these prices, this would mean a drop of more than 50%.
This is not the time to be optimistic.
Cryptocurrency analyst warns investors that Solana price rise This may be a mistake at the moment. Santana also points out that Solana’s price has barely moved even as Bitcoin has recovered. This weak performance may indicate that the bull run is over.
“Bitcoin is up today and it’s worried some people; the impact on Solana and other altcoins is minimal, you can’t see almost any growth,” the crypto analyst noted. “That’s the evidence I mentioned about how to determine the end of the correction.”