GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout

End Of The Road For Solana? Analyst Predicts 77% Price Crash To $40

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. 

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. 

Solana price

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. 

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.

Solana price chart from Tradingview.com

Latest Press

post-thumbnail
News
4 hours ago
WhaleAlert Notes 200M DOGE Transfer, DOGE Rises Over 20%
The post WhaleAlert Notes 200M DOGE Transfer, DOGE Rises Over 20% appeared first on Coinpedia Fintec...
READ MORE
post-thumbnail
News
4 hours ago
Pendle Team Moves Over 2M Tokens Worth $11M to Binance
The post Pendle Team Moves Over 2M Tokens Worth $11M to Binance appeared first on Coinpedia Fintech ...
READ MORE
post-thumbnail
News
4 hours ago
Breaking: Bitcoin Reaches A New ATH Of $80K! More Room To Rise Further?
The post Breaking: Bitcoin Reaches A New ATH Of $80K! More Room To Rise Further? appeared first on C...
READ MORE
default post thumbnail
News
4 hours ago
Avalanche Nears Breakout – Top Analyst Sets $420 Target For AVAX This Cycle
Avalanche (AVAX) has surged over 40%, reaching a critical supply level that, if broken, could trigge...
READ MORE
post-thumbnail
News
4 hours ago
$1,400 On The Horizon? Solana Breach Of $200 Excites Analysts
Solana, the leading Layer 1 blockchain platform, has at last overcome the critical $200 barrier, giv...
READ MORE
default post thumbnail
News
4 hours ago
Dogecoin Price Hits New 2024 High: Here Are 2 Ways It Could Go From Here
The Dogecoin price action since the beginning of the week has been nothing short of impressive. Nota...
READ MORE
default post thumbnail
News
4 hours ago
Donald Trump Plans ‘Crypto Recovery Act’ – Here Are the Top Coins to Buy Now
Speculation is mounting that Donald Trump is preparing to unveil a major initiative to stimulate the...
READ MORE
default post thumbnail
News
4 hours ago
Analyst Reveals Bitcoin Key Support Levels For Reaccumulation – Details
The price of Bitcoin showed a highly positive reaction to Donald Trump’s emergence as the next US ...
READ MORE
default post thumbnail
News
4 hours ago
Ethereum’s Market Cap Lags $1 Trillion Behind Bitcoin (BTC): Here’s When ETH Will Catch Up?
As of 5 November 2024, Bitcoin has not only managed to maintain its status but has also expanded its...
READ MORE
default post thumbnail
News
4 hours ago
SUI Network Launches SnoozeCat: The Next Big Meme Coin Amidst Bull Run
SnoozeCat is here to wake up your crypto potential! Join our presale and Game Airdrop for exclusive ...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started