Elite Crypto Trader Warns of ‘Very Strong’ Bearish Signals for Solana (SOL) and Polkadot (DOT) – Here’s His Outlook
Just as traders and investors thought the crypto market had found a local bottom in the pre-halving retracement period, the market is correcting again today with most major altcoins down 6-12%.
Solana (SOL) and Polkadot (DOT) are down roughly 10% and 7% respectively, trading around $170 and $8.8 at press time. However, one elite crypto trader is sounding the alarm on potentially much deeper losses ahead for these assets.
Alan Santana, a popular TradingView analyst with over 130,000 followers, posted a scathing analysis on Solana today. He states: “The last 3D session that closed, 19-22 March, produced the highest volume ever and it closed red after a multi-year high. This is a very, very strong bearish signal.”
Santana views this as a powerfully bearish technical signal that could portend a significant downturn for SOL. High volume sell-offs after reaching multi-year highs often indicate a sentiment shift and more selling pressure to come.
Santana recommends going short on SOL with 5x leverage between $195 and $165, with targets as low as $63 representing a potential profit of 300%. He also suggests stop loss if daily close is above $200.
Turning to Polkadot, Santana’s outlook is also quite bearish based on the DOT chart. He notes that the recent higher high in March was a “weak higher high” because the price stayed too close to the previous December high. This signals waning bullish momentum to Santana.
Furthermore, the highest volume candlestick was a large red day on March 5th. Coupled with a declining RSI showing a multi-month bearish divergence, Santana concludes: “Polkadot is showing bearish tendencies. It is set to move lower based on current chart signals.”
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Show more +In conclusion, while the broader crypto market pulled back moderately today, the analyses from Alan Santana suggest that Solana and Polkadot could be at risk of much deeper retracements in the days and weeks ahead based on concerning technical signals.
The elite trader recommends taking a aggressive short position on SOL in particular for potential triple-digit percentage profits.
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