[Top Analysts Revise Solana Crash Target, Now Predicting a 62% Drop to $55]
Solana's price has corrected more than expected and could fall further. Santana said the lack of support near $55 may add to downward pressure. He reminded investors that Solana, as a smaller asset, is highly volatile and susceptible to sharp declines, and emphasized that the value of crypto assets may evaporate quickly and they need to remain vigilant.
Santana highlighted key Fibonacci retracement levels, pointing to the 0.382 level at $137.03, the 0.5 retracement level at $114.18, and the 0.618 level at $91.34, which may provide short-term support. However, the 0.786 retracement level is at $58.82, indicating a strong support zone. The descending trendline and dome pattern also suggest a bearish reversal.
Santana speculates that Solana's decline could begin on August 29 and last three weeks, reaching a low on September 19. He said the rebound could be followed by another decline, completing the bearish wave. Although the timing is highly speculative, Santana emphasized that Solana is still on a downward trajectory, similar to the trends seen by Bitcoin, Ethereum, and XRP.
Santana is more pessimistic than other market watchers, predicting Solana could fall to $33, while some think it could fall to $85. Market commentator Benjamin Cowen believes that Solana may follow the pattern of Ethereum and Bitcoin and experience a similar process of decline and rebound.
As of now, Solana is trading at $145, down 1% over the past day. A drop to $55 would represent a 62% drop.
