Experts Interpret Solana’s (SOL) Market Trajectory: Indicator of Major Upcoming Shifts in Crypto? Here’s their Outlook
In the midst of a widespread downturn in the crypto market, Bluntz_Capital, a top crypto analyst, shared an unconventional strategy on X. Rather than focusing on assets that experienced the most significant drops, Bluntzl highlights the importance of paying attention to those that show relative stability during market declines.
Per their tweet, Solana (SOL) stands out for having one of the least declines in the last 24 hours, diverging from the typical investor strategy of seeking lower entry points post-dump. This approach provides a unique perspective amidst the prevailing market sentiment.
Besides, according to analyst Alan Santana’s TradingView analysis, Solana produced a multi-year high in late December 2023. However, it subsequently moved sideways within a lower high for over two months before surging to its highest level since December 2021. Santana believes this development favors the bears.
“While Solana hit a new high, this is always bearish,” Santana warned. “Everything that happens now, later, yesterday, tomorrow, today, is bearish.”
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A Bearish Outlook
Santana’s analysis suggests that any move in Solana’s price, whether up or down, is currently bearish. Low volume is bearish, and high volume is bearish. Moreover, he advises against buying at the top, emphasizing the need to stay away or consider shorting the asset.
“If it goes down, it is bearish because it is dropping,” Santana explained. “If it goes up, it is bearish because it is going up.”
Santana acknowledges the importance of candlestick patterns for mapping entries and short-term trades, as well as the role of trading volume in gauging the strength of a move. However, he argues that market cycles ultimately decide the overall trend, whether up or down.
After an extended growth period spanning more than two years, Santana believes Solana is likely ready for a break. “If not, stay away… There is no point ever, to buy at the top,” he advised.
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Despite the bearish outlook, Santana maintains an optimistic perspective, reminding investors that the financial markets are cyclical, and new opportunities will arise. “Let’s wait for the market flush,” he suggested. “There will be great prices, great new opportunities all across.”
Significantly, Santana highlighted the importance of patience and preparation. “We can prepare for weeks, but instead, it can last for months,” he noted, reflecting on the potential duration of market cycles.
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