Solana Faces Rollercoaster Ride: Will It Plunge or Soar?
As Solana (SOL) shows signs of potentially regaining the $200 resistance level, one analyst cautions investors to brace for potential volatility.
Crypto trading expert Alan Santana has highlighted a concerning bearish signal for Solana in August 2024, suggesting a possible deeper price decline for the decentralized finance (DeFi) token.
Santana noted that Solana’s recent price and volume trends are strikingly similar to those seen in July 2023. Back then, after over 45 days of steady gains, Solana saw a significant bullish volume spike, which ignited a strong upward movement as buyers pushed the price higher.
Fast forward to August 2024, and the scenario appears reversed. Following 140 days of bearish activity, Solana exhibited a strong bearish volume spike, indicating the continuation of the downtrend. This pattern suggests that Solana could be headed towards the $90 support level based on historical trading data.
READ MORE:
Major Cryptocurrency Token Unlocks Expected This WeekThe upcoming days will be critical in determining whether Solana can stabilize or if it will drop further to $90.
Despite the bearish indicators, another analyst, Crypto Patel, posits that investors should be prepared for a potential price breakout. In an August 11 post, Patel noted that Solana has been showing strong bullish momentum, hinting at a possible rally to an all-time high of $500.
Patel’s analysis points to Solana’s historical performance during past bull runs, where significant gains followed substantial support levels. The chart shows a robust support zone around $80, which has historically propelled the price upwards.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
DOODUSDT now launched for futures trading and trading bots
Ethereum Foundation allocates $32 million to expand education and tools in the ecosystem
Ripple Ends Dispute with SEC, Recovers $75 Million, XRP Surges 10%
Core Scientific Nets $580M in Q1 Despite Revenue Miss, Eyes AI and HPC Future
Nasdaq-listed Bitcoin miner Core Scientific Inc. has reported a net income of $580 million for the first quarter of 2025, more than double the $210 million recorded during the same period last year. However, the firm fell short of analyst expectations for revenue, signalling the growing impact of industry shifts and operational transformation.

Trending news
MoreCrypto prices
More








