End Of The Road For Solana? Analyst Predicts 77% Price Crash To $40
30 Octubre 2024 - 4:00PM
NEWSBTC
In a surprising take, a crypto analyst has foreseen a crash in the
price of Solana despite the ongoing bull momentum. This analyst is
projecting a crash in the price of Solana, offering a fresh
perspective on the crypto heavyweight. According to a crypto trader
who goes by the name AlanSantana on TradingView and is very active
on the trading platform, Solana’s trading volume in the past two
months suggests the crypto is gearing up for a crash. Analyst
Predicts Massive Crash For Solana AlanSantana observed that
Solana’s trading volume has dropped significantly between September
and October 2024, a development that often signals a bearish
outlook and may suggest an upcoming downward price impulse.
Inferring from this outlook, this suggests that the volume trend is
pointing towards demand tapering off. Related Reading:
Bitcoin Price Breaks Out Of 7-Month Descending Broadening Wedge
Pattern For Continuation Above $70,000 The analyst also draws a
contrast with last year’s trading activity, specifically from
September to November 2023, when Solana’s volume was on the rise.
This uptick in trading volume fueled a bullish rally that extended
through the first quarter of 2024, with momentum carrying Solana to
substantial highs by March. Based on the difference in two time
periods and the current decrease in trading volume, the analyst
suggested that there is a higher probability of Solana going in a
main bearish direction. In light of this, he highlighted a Solana
price crash below the $50 price level. Interestingly, a crash below
$50 will effectively cancel out the gains in the past year and
would return the cryptocurrency to its price range in November
2023. SOL Whales Continue With Activity Solana is still
largely in a bullish mode despite the decline in trading volume
that was pointed out by AlanSantana. According to data from
on-chain tracking firm Lookonchain, crypto whales are have upped
their Solana trading activity in the past week, as evidenced by
on-chain data. Related Reading: Dogecoin Price Is About To
Complete This Breakout To A Descending Megaphone Pattern, Is $1
Next? In a recent post on social media platform X, Lookonchain
highlighted three instances of Solana whale addresses withdrawing
SOL tokens from crypto exchanges and staking them. The largest
withdrawal came from address “AA21…VxH9,” which moved 153,511 SOL
tokens worth approximately $26.4 million from Binance to stake
them. Another whale, identified by the address “EHax…gAUa,”
withdrew 35,498 SOL tokens valued at $6.12 million from Binance and
Kraken over the last three days, also staking the tokens. On the
other hand, whale address “EGzi…mR7g” bought 13,000 SOL tokens
worth $2.3 million from Binance to bring its total holdings to
95,651 SOL. Interestingly, another smart Solana whale address
recently sold 26,726 SOL worth $3.86 million. This whale, known for
buying low and selling high, currently holds 42,729 SOL, which are
valued at $7.61 million. At the time of writing, Solana is trading
at $178, up by 8% in seven days. The accumulation and momentum are
bullish, and a crash towards $40 seems bleak at the moment.
Featured image created with Dall.E, chart from Tradingview.com
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