Top crypto analyst Alan Santana has provided insights into the ongoing price correction of Solana (SOL). After reaching record highs, Solana has experienced a pullback. According to Santana, this Solana price correction phase could present lucrative trading opportunities once completed.
What you'll learn 👉
Solana (SOL) Price Analysis
The analysis begins with a major high point for SOLUSDT, marking the highest price level in years. This peak signals caution, as it often precedes a trend reversal. The bullish trend can transform into a bearish trend, leading to a strong correction phase.
Following the peak, SOLUSDT began retracing, moving lower from this major high. This movement, termed the “initial move,” is crucial as it indicates the market’s downward trend. The subsequent bounce seen in the chart is likely to end in a lower high, compared to the peak, reinforcing the expectation of further price drops.
SOL’s Path to Recovery and Growth
Santana’s analysis outlines a five-step process in Solana’s price movement. After the initial move and the subsequent bounce, SOLUSDT is expected to resume its downward trend. This phase is tricky, as it could either see another bounce leading to a lower high or a continued drop due to increasing bearish momentum.
The final stage, according to Santana, is the most anticipated. Once SOLUSDT stops declining around the 0.618 – 0.786 Fibonacci levels, traders should look for long entries. This shift from a bearish to a bullish market bias is the critical moment traders are waiting for.
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Future Prospects for Solana
Despite the current bearish phase, Santana remains optimistic about Solana’s long-term prospects. He anticipates a positive year in 2025 and a good recovery in late 2024. This outlook underscores the cyclical nature of the crypto market, where corrections are natural following periods of massive growth.
Alan Santana’s analysis provides a clear roadmap for navigating Solana’s current market correction. Besides, by understanding the key phases and watching for the right entry points, traders can position themselves to capitalize on Solana’s future growth.
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