Solana Analyst Warned: A 50 Percent Drop in Price May Come!

A cryptocurrency analyst thinks that there may be a decrease of up to 50 percent in the price of Solana (SOL).

The analyst, known as Bluntz on social media, announced that the Solana price may decline as a result of his analysis based on the Elliott Wave theory.

According to the analyst, Solana started to give bearish signals after rising up to $210.

“We're seeing a nice five-wave rally here in SOL after the bear market lows,” Bluntz said. Not only the rise, but after this five-wave rise we also see a five-wave decline and now a three-wave rise. "Now we have started to fall again," he said.

The analyst said, “This has not been rising for five waves. It's been falling for five waves. "It's starting to struggle here and I think it's going to be the lower top in the macro (at $188) and there's a really high probability that it will fall from that level and go down to the levels here," he added.

Judging by the chart shared by Bluntz, the analyst believes that the SOL price could drop to $80.