Is Solana's journey coming to an end? Analysts predict the price will big dump 77% to $40

Surprisingly, despite the continued momentum of the Bull Market, a Cryptocurrency analyst predicts that the price of Solana will big dump. This analyst forecasts a big dump in the price of Solana, providing a fresh perspective for the Cryptocurrency giants.

According to a Cryptocurrency trader named AlanSantana, who is very active on the trading platform, the volume of Solana in the past two months indicates that Crypto Assets are preparing to collapse.

AlanSantana observed that the volume of Solana significantly decreased between September and October 2024. This development typically indicates a bearish outlook and may foreshadow an upcoming price drop. Based on this outlook, it suggests that the volume trend points to a gradual decrease in demand.

The analyst also compared it with last year's trading activities, especially from September to November 2023, when Solana's volume showed a rising trend. The rise in volume drove a bullish rebound that lasted into the first quarter of 2024, pushing Solana to a relatively high point by March.

Based on the difference between two time periods and the current volume decline, analysts believe that there is a higher possibility of Solana moving towards a major bearish direction. In light of this, he emphasizes that Solana's price falling below $50 level. Interestingly, falling below $50 will effectively offset the gains of the past year and bring Cryptocurrency back to its price range in November 2023.

Although AlanSantana pointed out that the volume has decreased, Solana is still basically in a bullish mode. According to on-chain tracking company data, CryptocurrencyWhale increased their Solana trading activity in the past week, and on-chain data is the evidence.

The latest post focuses on three Solana Whale Addresses, extracting SOL Tokens from a Cryptocurrency exchange and staking them. The largest withdrawal comes from the Address "AA21…VxH9", which transferred approximately 153,511 SOL Tokens worth about 26.4 million USD from a certain exchange to stake.

Another Whale's Address is 'EHax...gAUa', which has withdrawn 35,498 SOL Tokens worth $6.12 million from a certain exchange in the past three days and staked these Tokens. On the other hand, WhaleAddress 'EGzi...mR7g' purchased 13,000 SOL Tokens worth $2.3 million from a certain exchange, bringing its total holdings to 95,651 SOL Tokens.

Interestingly, another intelligent Solana WhaleAddress recently sold 26,726 SOL, worth $3.86 million. This Whale, known for buying low and selling high, currently holds 42,729 SOL, worth $7.61 million.

The current trading price of Solana is $178, which has pumped 8% in the past seven days. Both the accumulation and momentum are bullish, and it seems unlikely to fall to $40 at the moment.


(Data Source: Scott Matherson)