Solana's outlook is worrying, top analysts lower their target price to $55!
Solana's price adjustment is more than expected and may fall further. Santana pointed out that the lack of support near $55 has exacerbated downward pressure. He reminded that Solana, as a smaller asset, is highly volatile and prone to sharp declines. The value of crypto assets may evaporate quickly, so we need to remain vigilant. Spot contract Junyang👉@点这里 加密乘风
Santana emphasized that the key Fibonacci retracement levels, 0.382, 0.5, and 0.618 levels are located at $137.03, $114.18, and $91.34 respectively, which may provide short-term support. However, the 0.786 retracement level is at $58.82, showing a strong support area. The downward trend line and dome pattern also suggest a bearish reversal.
Santana speculated that Solana's decline may start on August 29 and last for three weeks until it reaches a low on September 19. He said that after the rebound, it may fall again, completing the bearish wave. Although the timing is highly speculative, Santana emphasized that Solana is still on a downward trajectory, similar to the trends of Bitcoin, Ethereum and XRP.
Santana is more pessimistic than other market observers, predicting that Solana may fall to $33, while some believe it will fall to $85. Market commentator Benjamin Cowen believes that Solana may follow the Ethereum and Bitcoin model and experience a similar decline and rebound process. Currently, Solana is trading at $145, down 1% in the past day. A drop to $55 would mean a 62% drop.
