Solana (SOL) could fall to $40: Frightening comment from analyst.

AlanSantana, known for his cryptocurrency analysis, stated that Solana ($SOL ) could experience a sharp decline.

Cryptocurrency expert AlanSantana draws attention to the decline in trading volume between September and October 2024. Stating that Solana's trading volume increased between September and November last year and that this triggered a bull rally that lasted until the first quarter of 2024, the analyst stated that this situation has reversed. Considering the volume decline, AlanSantana thinks that the Solana price could fall below $50.

Despite the decline in trading volume stated by AlanSantana, Solana is still in a bullish trend. According to data from on-chain analysis firm Lookonchain, whales have increased their Solana transactions in the last week.

In a post on Lookonchain’s social media platform X, it was reported that three Solana whales were withdrawing SOL from exchanges and staking the tokens. The largest withdrawal came from the address “AA21…VxH9,” which withdrew 153,511 SOL (approximately $26.4 million) from Binance and staked them.

Another whale, “EHax…gAUa,” withdrew 35,498 SOL ($6.12 million) from Binance and Kraken in three days and staked these tokens. On the other hand, the 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 and is up 8% in the past seven days. While accumulation and momentum are bullish, the possibility of a $40 drop seems unlikely at the moment.

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