banner

Solana Price Could Drop 20%, Analyst Warns of Possible Crash

Crypto analyst Alan Santana suggests that Solana may face a 20% price drop, bringing its value back to levels seen in early August. Despite Solana’s impressive performance this year, the fifth-largest cryptocurrency by market cap could see a pullback after a period of steady growth.

Solana’s Mixed Performance

Solana (SOL) has experienced a mixed week in terms of price movement. As of now, SOL is up 3% in the last 24 hours but down 7% over the past week. After reaching a high of $160.91 on September 29, SOL has dropped 10% and suffered four consecutive days of losses before a slight recovery. Despite the overall decline, SOL has risen by 527% since October 5, 2023, according to CoinMarketCap.

Will Solana Crash?

Alan Santana, in his analysis on TradingView, points out that Solana’s price has followed a consistent pattern since March. Each price rally for Solana typically lasts 20 to 30 days, followed by a correction that spans 7 to 14 days.

He highlights that during the last major correction in July, Solana fell from $193 on July 29 to $111 by August 5. Based on this historical pattern, Santana believes Solana could drop to $121, representing a 20% decline from its current price of $144.

Could Santana’s Prediction Be Invalidated?

However, recent price movements could challenge Santana’s prediction. Solana recorded a 4.67% gain on Friday, showing a bullish reversal in its daily chart. In contrast to the previous July drop, Solana’s recent price action may signal that Santana’s forecast could be invalidated.

Additionally, increased on-chain activity within Solana’s decentralized finance (DeFi) ecosystem is fueling bullish sentiment. Some analysts now expect SOL to rise toward a resistance level of $186, further undermining predictions of a significant drop.

banner

Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

Follow Us

Top Selling Multipurpose WP Theme

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

banner

Crypto feed news

Our team of crypto enthusiasts and market mavens is on a mission to deliver the latest, juiciest, and most insightful updates from the ever-evolving world of cryptocurrencies.

@CryptoFeedNews 2023 All Right Reserved. Designed and Developed by TheDevThingz

Social Media Auto Publish Powered By : XYZScripts.com
Skip to content