Inasurprisingtake,acryptoanalysthasforeseenacrashinthepriceofSolanadespitetheongoingbullmomentum.ThisanalystisprojectingacrashinthepriceofSolana,offeringafreshperspectiveonthecryptoheavyweight.
AccordingtoacryptotraderwhogoesbythenameAlanSantanaonTradingViewandisveryactiveonthetradingplatform,Solana’stradingvolumeinthepasttwomonthssuggeststhecryptoisgearingupforacrash.
AnalystPredictsMassiveCrashForSolana
AlanSantanaobservedthatSolana’stradingvolumehasdroppedsignificantlybetweenSeptemberandOctober2024,adevelopmentthatoftensignalsabearishoutlookandmaysuggestanupcomingdownwardpriceimpulse.Inferringfromthisoutlook,thissuggeststhatthevolumetrendispointingtowardsdemandtaperingoff.
Theanalystalsodrawsacontrastwithlastyear’stradingactivity,specificallyfromSeptembertoNovember2023,whenSolana’svolumewasontherise.Thisuptickintradingvolumefueledabullishrallythatextendedthroughthefirstquarterof2024,withmomentumcarryingSolanatosubstantialhighsbyMarch.
Basedonthedifferenceintwotimeperiodsandthecurrentdecreaseintradingvolume,theanalystsuggestedthatthereisahigherprobabilityofSolanagoinginamainbearishdirection.Inlightofthis,hehighlightedaSolanapricecrashbelowthe$50pricelevel.Interestingly,acrashbelow$50willeffectivelycanceloutthegainsinthepastyearandwouldreturnthecryptocurrencytoitspricerangeinNovember2023.
SOLWhalesContinueWithActivity
SolanaisstilllargelyinabullishmodedespitethedeclineintradingvolumethatwaspointedoutbyAlanSantana.Accordingtodatafromon-chaintrackingfirmLookonchain,cryptowhalesarehaveuppedtheirSolanatradingactivityinthepastweek,asevidencedbyon-chaindata.
InarecentpostonsocialmediaplatformX,LookonchainhighlightedthreeinstancesofSolanawhaleaddresseswithdrawingSOLtokensfromcryptoexchangesandstakingthem.Thelargestwithdrawalcamefromaddress“AA21…VxH9,”whichmoved153,511SOLtokensworthapproximately$26.4millionfromBinancetostakethem.
Anotherwhale,identifiedbytheaddress“EHax…gAUa,”withdrew35,498SOLtokensvaluedat$6.12millionfromBinanceandKrakenoverthelastthreedays,alsostakingthetokens.Ontheotherhand,whaleaddress“EGzi…mR7g”bought13,000SOLtokensworth$2.3millionfromBinancetobringitstotalholdingsto95,651SOL.
Interestingly,anothersmartSolanawhaleaddressrecentlysold26,726SOLworth$3.86million.Thiswhale,knownforbuyinglowandsellinghigh,currentlyholds42,729SOL,whicharevaluedat$7.61million.
Atthetimeofwriting,Solanaistradingat$178,upby8%insevendays.Theaccumulationandmomentumarebullish,andacrashtowards$40seemsbleakatthemoment.
FeaturedimagecreatedwithDall.E,chartfromTradingview.com
newsbtc.com