Solana (SOL) faces persistent bearish pressure, according to analyst Alan Santana. His analysis indicates a potential drop in SOL's price to $80, supported by multiple breakdowns and negative momentum.
End of the Bullish Wave
Santana's analysis identifies March 2024 as the end of Solana's bullish wave, following a significant growth period reaching $210.18. However, subsequent price declines have shifted market sentiment from positive to negative.
Continued Downward Pressure
Santana highlights several price breakdowns, indicating continued downward momentum. The consolidation periods (marked "C") provide temporary stabilization before the price resumes its decline. A crucial confirmation of the bearish trend is a third breakdown, forming a lower high, indicating ongoing pressure on SOL's price.
Potential Price Targets
Santana suggests Fibonacci retracement levels as support points for Solana. The 0.618 and 0.786 levels correspond to potential price targets of $80 and $60, respectively. Santana emphasizes the overall bearish trend and predicts a potential reversal may take at least six months.
Bearish Trend Expected to Persist
Santana's analysis concludes that Solana's bearish trend is likely to continue, supported by multiple breakdowns and consolidations. The projection suggests SOL could reach $80 before finding support. He will update his analysis when any indication of a potential reversal emerges.