According to crypto analyst Alan Santana, Solana (SOL) is facing bearish pressure, with the price action pointing toward a potential decline. Santana’s analysis reveals that Solana is trading around $137, but key Fibonacci retracement levels suggest that SOL could fall further, potentially reaching support levels around $100 or even as low as $65.
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Fibonacci Levels Signal Bearish Outlook
The chart provided by Santana highlights critical Fibonacci retracement levels. These levels, with the 0.618 level at about $100 and the 0.786 level at about $65, suggest potential places of support for Solana’s price. These are crucial to keep an eye on since SOL’s price is still showing indications of decline.
The chart’s direction, reinforced by a red arrow pointing to lower price ranges, supports Santana’s view of an ongoing correction phase. He suggests that without a reversal in market momentum, Solana could test these support zones soon.
Declining Volume Hints at Bearish Control
Santana’s analysis also points to a concerning shift in volume patterns for Solana. Earlier in the year, the market saw larger green candles accompanied by strong buy-side volume, which indicated bullish sentiment.
However, recent trading sessions show smaller candles and increasing red volume bars, signaling rising sell-offs. The analyst points out that high red volume indicates increasing selling pressure, as large players seem to be exiting the market.
This lack of buying interest, despite Bitcoin’s recent upward movement, further supports the argument that Solana may continue to experience downward price action.
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Absence of Bullish Volume Raises Concerns
Santana also emphasizes the absence of bullish volume. In his view, this missing green volume is necessary for any potential price recovery.
The market appears to be in a correction phase, and the lack of buy-side interest could keep Solana vulnerable to further price declines.
He adds that until a strong green candle forms with substantial volume, investors should remain cautious, as the current price action indicates the bears are in control.
Despite Bitcoin’s performance, Solana has not responded positively, suggesting that altcoins like SOL may still be under bearish pressure. Santana emphasizes that if Solana falls to the anticipated levels of $100 or $65, investors may suffer losses if they fail to manage their risk appropriately.
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