CandleFocus End Of The Road For Solana? Analyst Predicts 77% Price Crash To $40
2024-10-31
Author: Content Editor
A crypto analyst named AlanSantana predicts a potential crash in the price of Solana despite the ongoing bullish momentum. The analyst points to a significant drop in Solana's trading volume between September and October 2024, suggesting a bearish outlook and a possible downward price movement. Comparing it to last year's trading activity, where Solana's volume was increasing and driving a bullish rally, the analyst suggests a higher chance of a bearish direction. Specifically, the analyst highlights the possibility of a crash below $50, which would nullify the gains made in the past year and return the cryptocurrency to its price range in November 2023. However, data from on-chain tracking firm Lookonchain shows increased trading activity by crypto whales in Solana, with several addresses withdrawing tokens from exchanges to stake them. The overall sentiment remains bullish, with Solana currently trading at $178 and showing accumulation and positive momentum. A crash towards $40 seems unlikely at the moment.
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