Alan Santana, known for his cryptocurrency analysis, stated that Solana ($SOL) could see a sharp decline.
Cryptocurrency expert Allan Santana draws attention to the drop in trading volume between September and October 2024. Noting that Solana’s trading volume increased between September and November of last year and that this led to a bull market that continued into Q1 2024, the analyst stated that this situation has been reversed. Given the drop in volume, Allan Santana believes that Solana’s price could drop below $50.
Despite the low trading volume mentioned by Alan Santana, Solana is still in an uptrend. According to data from on-chain data analytics firm Loconchain, whales have increased their transactions on Solana over the past week.
In a post on social platform LoconchainX, it was reported that three Solana whales were withdrawing SOL from exchanges and staking the tokens. The largest withdrawal was from the address “AA21…VxH9,” which withdrew 153,511 SOL (~$26.4 million) from Binance and staked it.
Another whale, “EHax…gAUa,” pulled 35,498 SOL ($6.12 million) from Binance and Kraken in three days and staked the tokens. On the other hand, whale “EGzi…mR7g” bought 13,000 SOL ($2.3 million) from Binance, bringing his total SOL holdings to 95,651.
At the time of writing, Solana is trading at $178, up 8% over the past seven days. While the consolidation and momentum are positive, a drop to $40 seems unlikely at the moment.
