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In a surprising take, the crypto analyst foresaw a crash in Solana’s price despite continued bullish pressure. This analyst reveals the collapse of Solana’s price, offering a new perspective in crypto heavyweight.
According to a crypto trader who goes by the name AlanSantana on TradingView and works extensively in the trading space, Solana’s trading volume over the past two months suggests that crypto is preparing for a crash.
Analyst Predicts Major Solana Crash
Alan Santana looked at that Solana’s trading volume decreased significantly between September and October 2024, a development that often indicates a bearish outlook and may suggest a future price drop. From this point of view, this suggests that the volume trend points to a decrease in demand.
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The analyst also compares with last year’s trading activity, especially from September to November 2023, when Solana’s volume was increasing. This increase in trading volume fueled a bullish rally that extended into the first quarter of 2024, with momentum carrying Solana to a March high.
Based on the difference in the two periods and the current decrease in trading volume, the analyst suggested that there is a high probability that Solana will move in the main bearish direction. Because of this, he highlighted Solana’s price crash below the $50 price level. Interestingly, a crash below $50 will effectively cancel the gains of the past year and will bring the cryptocurrency back to its November 2023 price range.
SOL Whales Keep Up The Work
Solana still very much in bullish mode despite the decrease in trading volume revealed by AlanSantana. According to data from on-chain tracking firm Lookonchain, crypto whales increased their Solana trading activity last week, as evidenced by on-chain data.
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In a the latest post is open social network X, Lookonchain highlighted three cases of Solana whale addresses that extract SOL tokens from crypto exchanges and concentrate them. The largest withdrawal came from the address “AA21…VxH9,” which moved 153,511 SOL tokens worth about $26.4 million to Binance for staking.
Another whale, identified by the address “EHax…gAUa,” withdrew 35,498 SOL tokens worth $6.12 million from Binance and Kraken over the past three days, and is placing the tokens. On the other hand, the whale address “EGzi…mR7g” bought 13,000 SOL tokens worth $2.3 million from Binance to bring the total holdings to 95,651 SOL.
Interestingly, another clever address for the Solana whale recently sold 26,726 SOL worth $3.86 million. This whale, known for buying low and selling high, currently holds 42,729 SOL, valued at $7.61 million.
At the time of writing, Solana is trading at $178, up 8% in seven days. Accumulation and momentum are bullish, and the crash reached $40 it seems bleak at the moment.
The featured image was created with Dall.E, a chart from Tradingview.com
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