Solana has been given a warning of termination despite having been one of the best performers last year. This prediction goes against the grain of current speculation where a surge of up to $1,000 was predicted for the price. But it seems not everyone shares this sentiment, as one crypto analyst has predicted that the auction price could see a massive 42% drop from here.
Solana Price Turns Bearish
In a analysis On TradingView, crypto analyst Alan Santana warned that Solana’s price is falling. The analyst points to the development of trends in the year 2024 compared to the year 2023 and how the current trends are more bearish. This takes into account the volume of the altcoin and what happened as a result of large spikes.
For example, the analyst points out that on the chart, 2023 looks better than 2024. On the one hand, the 2023 chart shows many large spikes in volume that are green. This meant that volumes were increasing and as a result, there was also a notable increase in the price of Solana.
In line with this, there were also notable spikes in Solana volume in 2024, but that’s about as far as similarities go. This time, the spikes in volume are red and the Solana price has dropped following this. This suggests that the current trend is lower and the price may fall further from here.
The target from here is a drop to $80. Now if that happens then the price Solana we would see a drop of more than 40%. If the decline continues, rebuilding the gains of the year 2023, a drop to $60 could be expected. At these prices, this would mean a decline of more than 50%.
This is not the time to be optimistic
The crypto analyst warned investors that being bullish on Solana price Now it could be a mistake. Santana also points out that Solana’s price has barely moved even as Bitcoin has recovered. This weak performance could suggest that the bull run is over.
“Bitcoin surged today and scared some people; the effect on Solana and other altcoins is minimal, basically no growth,” the crypto analyst noted. “This is the proof I mentioned about how to identify the end of the correction.”
