Analyst Solana (SOL) warned: “A 42 percent drop is possible!”
Cryptocurrency analyst Alan Santana believes that the Solana (SOL) price could fall to $80.
One of the frightening developments for Solana (SOL) is a “Death Cross” formation that may soon form. This formation, which signals a downward movement, means that the 50-day exponential moving average (EMA) will fall below the 200-day EMA. For traders and analysts, the Death Cross is a warning that a significant decline may occur.
The popular altcoin SOL has attracted attention with its performance over the past year. However, the course of the market has naturally undermined Solana. SOL, which has never been able to overcome the $ 138 resistance, poses a danger in terms of both price and technical indicators.
On the technical side, the Moving Average (MACD) indicator gives some hope. The MACD indicator, which shows the buy-sell ratio, reassures Solana investors for now. Although the general trend is downward, the MACD shows that the short-term downward momentum may weaken. According to the formation in question, SOL may rise if it protects $ 124 as support.
If the major coin manages to maintain this level, it may stop the selling pressure and start a recovery trend. However, falling below $ 124 may trigger significant selling pressure. The $ 120 level has been a strong support point since March 2024. Breaking this support may push the parity to even steeper declines.
Alan Santana, known for his cryptocurrency analysis, warned about Solana. Santana stated that Solana, which performed well in 2023, was inadequate in 2024. The analyst stated that the recent increases in trading volume were sales-oriented and shook the SOL price. Alan Santana said, “I think the price could drop by 42 percent and drop to $ 80.”
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