Solana (SOL) continues to face bearish pressure as noted by top analyst Alan Santana. According to his analysis, SOL’s price could fall further, potentially reaching $80, as a series of breakdowns point to continued downward momentum.
What you'll learn 👉
The End of the Bullish Wave
Santana’s analysis begins by marking March 2024 as the end of Solana’s bullish wave. Prior to this, the crypto had seen considerable growth, reaching high price levels around $210.18.
But following this time, several breaks started to change the market mood from positive to pessimistic. Santana draws attention to the first price decline, which marked the beginning of the downturn soon after SOL reached its high.
This initial breakdown is followed by a second one, reinforcing the negative momentum. According to Santana, this confirms the bearish trend and sets the stage for further price declines.
Continued Downward Pressure
The chart shared by Santana shows multiple signs of consolidation after each breakdown, indicating short pauses in the downtrend before the price resumes its fall.
Consolidation periods, marked with the letter “C” on the chart, play a crucial role in this pattern, offering temporary stabilization before the price continues to decline.
The most crucial confirmation of this trend, according to Santana, comes from a third breakdown, where the price forms a lower high. This lower high confirms the bearish bias and suggests that Solana’s price is likely to face ongoing pressure in the coming months.
Potential Price Targets: $80 and Below?
Santana’s analysis also suggests important Fibonacci retracing levels as possible Solana support points. Especially the 0.618 and 0.786 levels match possible price goals of $80 and $60, respectively.
Santana believes these levels could act as support as SOL continues its downward movement. He emphasizes that the overall trend remains bearish, and it could take at least six months for any signs of reversal to appear on the chart.
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Bearish Trend Expected to Persist
In summary, Santana’s analysis highlights a strong bearish trend for Solana, with several breakdowns and consolidations pointing to further price declines. The projection suggests that SOL could reach $80 before finding support.
Santana plans to update his analysis when there are any indications of a potential reversal in the trend. Until then, the bearish bias remains in play.
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