Renowned Analyst Updates Solana Price Prediction, Anticipates a 62% Plummet to $55
The latest analysis suggests a more significant downturn for Solana than previously expected. Analyst Santana notes that the $55 level lacks significant support, which could worsen the downward momentum.
Santana also compares Solana to Ethereum, indicating that as a smaller and less established asset, Solana may be more vulnerable to a severe crash. He warns traders about the potential loss of crypto wealth and advises them to remain cautious.
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Santana’s analysis identifies key Fibonacci retracement levels, highlighting the 0.382 level at $137.03, the 0.5 retracement level at $114.18, and the 0.618 level at $91.34 as potential temporary support levels. However, the 0.786 retracement level at $58.82 suggests a more substantial support zone, aligning closely with Santana’s revised target.
Furthermore, a descending trendline and a rounding top pattern reinforce the bearish sentiment for SOL, indicating a potential bearish reversal.
Santana speculates that Solana’s downward movement could start around August 29 and continue for three weeks, reaching a potential final low by September 19. Although speculative, Santana emphasizes Solana’s ongoing downward trajectory, drawing parallels to the trends of other major cryptocurrencies.
Santana’s bearish perspective aligns with others projecting a significant downturn for Solana. He projects a potential low of $33, which is more bearish than others who have suggested a drop to $85.
Additionally, market analyst Benjamin Cowen highlights potential similarities between Solana and Ethereum’s trading pair with Bitcoin, noting that both have experienced significant drops from their peaks. At present, Solana trades at $145, experiencing a slight 1% loss over the past day. A drop to $55 would represent a substantial 62% decline.
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Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
