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In a surprising shift in perspective, a well-regarded crypto analyst has forecasted a potential decline in Solana’s value, despite the ongoing bullish trends that have been capturing the attention of investors. This unexpected prediction provides a fresh angle on the crypto market heavyweight, Solana.
Analyst Foresees Significant Downturn for Solana
An active crypto trader known as AlanSantana on the TradingView platform has recently shared insights suggesting that Solana’s trading volume over the past two months indicates a possible downturn. The decrease in volume, observed between September and October 2024, may signal a bearish trend, pointing towards a potential decrease in price.
Related Insights and Historical Context
The analyst compares the current trading activity with that of the previous year, specifically from September to November 2023. During that period, Solana experienced a surge in trading volume, which fueled a bullish rally that extended into the first quarter of 2024, propelling Solana to new highs by March.
Given the stark contrast between these two timeframes and the recent decline in trading volume, AlanSantana suggests a heightened likelihood of Solana entering a bearish phase. He points out the potential for Solana’s price to drop below the $50 mark, which would effectively negate the gains made over the past year and revert the cryptocurrency to its price range from November 2023.
Whale Activity Persists Despite Volume Decline
Despite the noted decrease in trading volume, Solana remains largely in a bullish state. On-chain data from the tracking firm Lookonchain reveals that crypto whales have increased their activity, as evidenced by recent transactions. This heightened activity suggests that substantial players in the market are still engaging with Solana.
Related Insights into Whale Movements
Recently, Lookonchain highlighted several significant movements by Solana whales. These include instances where whale addresses withdrew substantial amounts of SOL tokens from crypto exchanges to stake them. For instance, one whale address moved 153,511 SOL tokens, valued at approximately $26.4 million, from Binance for staking purposes.
Another whale, identified by the address “EHax…gAUa,” withdrew 35,498 SOL tokens worth $6.12 million from Binance and Kraken over the past few days, also intending to stake them. Conversely, whale address “EGzi…mR7g” purchased 13,000 SOL tokens valued at $2.3 million from Binance, increasing its total holdings to 95,651 SOL.
Interestingly, a savvy Solana whale recently sold 26,726 SOL tokens valued at $3.86 million. Known for strategic buying and selling, this whale currently holds 42,729 SOL, with a valuation of $7.61 million.
At the time of writing, Solana is trading at $178, marking an 8% increase over the past week. Despite the bullish accumulation and momentum, a crash toward the $40 mark appears unlikely at present.
