Analyst warned Solana (SOL): "42% drop could be coming!"

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Cryptocurrency analyst Alan Santana believes that the price of Solana (SOL) could drop to $80.

One of the alarming developments for Solana (SOL) is the potential formation of a "Death Cross" soon. This formation, signaling a downward movement, means the 50-day exponential moving average (EMA) falling below the 200-day EMA. For traders and analysts, the Death Cross is a warning of a significant downturn.

Moving Average Convergence Divergence (MACD) indicator gives hope

Popular altcoin SOL has attracted attention with its performance in the last year. However, the market trend has naturally undermined Solana. SOL, which has been unable to break the $138 resistance level, poses a danger both in terms of price and technical indicators.

On the technical side, the Moving Average Convergence Divergence (MACD) indicator is somewhat hopeful. The MACD indicator, which shows the buy-sell ratio, is currently reassuring for Solana investors. Although the overall trend is downward, the MACD indicates that the short-term downward momentum may weaken. According to this formation, SOL may rise if it maintains support at $124.

Can Solana (SOL) reach $80?

If the major coin can maintain this level, it may transition to a recovery trend by stopping the selling pressure. However, dropping below $124 may trigger significant selling pressure. The $120 level has been a strong support point since March 2024. Breaking this support could push the pair into more severe declines.

Alan Santana, known for his cryptocurrency analysis, has issued warnings for Solana. Santana noted that Solana, which performed well in 2023, fell short in 2024. The analyst stated that the recent increase in trading volume was selling-oriented and shook the SOL price. Alan Santana said, 'I think the price could drop by 42 percent to as low as $80.'

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

SOL-4.75%
G-2.41%
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