Analyst Alan Santana notes that Solana (SOL) continues to face bearish pressure. According to his analysis, SOL’s price could fall further to $80 due to a series of breakdowns indicating continued downward momentum.
The End of the Bullish Wave
Santana’s analysis begins by marking March 2024 as the end of Solana’s bullish wave. Prior to this, the cryptocurrency had seen considerable growth, reaching high price levels around $210.18. But following this time, the first price decline marked the beginning of a negative market sentiment change.
Continued Downward Pressure
The chart shared by Santana shows multiple signs of consolidation after each breakdown, indicating short pauses in the downtrend before the price resumes its fall. Consolidation periods, marked with the letter 'C' on the chart, offer temporary stabilization before the price continues to decline. The most crucial confirmation of this trend comes from a third breakdown, forming a lower high, which confirms the bearish bias and suggests ongoing pressure on Solana’s price in the coming months.
Potential Price Targets: $80 and Below?
Santana’s analysis also suggests important Fibonacci retracement levels, especially 0.618 and 0.786 levels, as possible Solana support points that match price goals of $80 and $60. Santana believes these levels could act as support as SOL continues its downward movement. He emphasizes that the overall trend remains bearish and a reversal could take at least six months to show on the chart.
In summary, Santana’s analysis highlights a strong bearish trend for Solana with several breakdowns and consolidations pointing to further price declines. The projection suggests that SOL could reach $80 before finding support.
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