Is Solana ready for a big plunge?
After experiencing the devastating blow of the collapse of the FTX exchange, Solana ($SOL), known as the killer of Ethereum, stood up from the ashes and successfully allowed investors to see the resilience of the price of $SOL in the past year. .
Although the surge in Bitcoin ($BTC) since the beginning of 2024 has led to an equally strong bullish trend for Solana, following the recent sharp correction in the market, cryptocurrency trading expert Alan Santana believes that Solana is currently flashing clear bearish signals, which may indicate that the price will further fell.
Analyst: Strong signals have emerged
Alan Santana showed a chart on TradingView on August 10, noting that the recent price and volume patterns of Solana ($SOL) are very similar to those in July 2023.
Image source: TradingView
However, the situation this time is not optimistic. In July 2023, after Solana ($SOL) experienced a stable price increase for 45 days, the trading volume suddenly surged and started the subsequent sharp increase, pushing its Prices hit new highs.
However, contrary to the rise in July 2023, in August 2024, Solana ($SOL) only saw another spike in volume after 140 days of bearish movement, indicating selling pressure in the market. An increase is likely to be a strong bearish signal.
Alan Santana believes that if the current bearish trend continues, the price of Solana may drop to $90, and the direction of the next few days will be crucial.
Solana ($SOL) Rebound Potential
However, not all voices in the market are so pessimistic. Another analyst named Crypto Patel has a different prediction for Solana’s future.
Crypto Patel tweeted on the social platform Historical data, he pointed out, shows that Solana ($SOL) has shown a strong upward pattern after hitting key support levels in previous bull markets.
For this bull run, Crypto Patel observes a strong support area near $80, which has been an important support level over the past year. If this trend continues, Solana may reach $500 in the coming months. historical highs.
Solana ($SOL) is trading at $145 at the time of writing, down around 1.5% in the past 24 hours and still posting a weekly gain of 4.7%.
Image source: TradingView
[Disclaimer] There are risks in the market, so investment needs to be cautious. Analyst opinions are for reference only. Users should refer to more diverse indicators to judge whether to invest, and consider whether any opinions, views or conclusions in this article are consistent with their specific circumstances. Invest accordingly and do so at your own risk.
