As Solana (SOL) continues its quest to reclaim the $200 resistance level, the crypto community is abuzz with speculation about its next move. While the bullish momentum has sparked optimism, a prominent analyst has cautioned investors to brace themselves for potential turbulence in the near future.
Crypto trading expert Alan Santana has specifically noted that Solana, the decentralized finance (DeFi) token, displayed a significant bearish signal in August 2024, which may indicate a deeper decline in its price. In a TradingView post on August 10, Santana highlighted that the recent price and volume patterns of Solana closely mirror those observed in July 2023. While Solana market trend is indicating bearish signals, Pawfury; a recent entrant into the market is capturing the attention of investors with its presale offer.
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Solana Bullish and Bearish Trends
Crypto trading expert Alan Santana has specifically noted that Solana, the decentralized finance (DeFi) token, displayed a significant bearish signal in August 2024, which may indicate a deeper decline in its price. In a TradingView post on August 10, Santana highlighted that the recent price and volume patterns of Solana closely mirror those observed in July 2023.
Back in July 2023, following more than 45 days of steady price increases, Solana experienced a strong bullish volume spike. This surge marked the beginning of a significant upward trajectory, as the cryptocurrency saw heightened buyer interest, propelling its price to new highs.
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However, a year later, the analyst has observed a reversal in the situation. In August 2024, after 140 days of sustained bearish price action, Solana exhibited a pronounced bearish volume spike. This movement suggests that the current downtrend is likely to continue, with the price action supporting this bearish signal.
Source: Trading View – Solana price analysis
Santana’s analysis suggests that if this bearish momentum persists, Solana could be on track to reach the $90 level—a critical support zone based on historical trading activity. The next few days will be pivotal in determining whether Solana can stabilize or if a further drop to $90 is looming on the horizon.
Solana’s Potential for a Rally
Despite the bearish volume surrounding Solana, another analyst has proposed that investors should remain open to the possibility of a breakout in the price. On August 11, the analyst, known by the pseudonym Crypto Patel, suggested in an X post that Solana has been demonstrating strong bullish momentum, hinting at a potential surge towards an all-time high of $500.
According to Patel, historical performance shows that SOL has achieved significant gains during previous bull runs, with notable price increases from its support levels. The analyst pointed to a robust support zone around $80, which has historically acted as a springboard for upward price movements.
Source: Trading View – Solana price analysis
Conclusion
At this point, investors are advised to closely monitor Solana’s key support levels to mitigate the risk of a potential downturn. Investors can likewise take advantage of the potential bullish speculation to partake in Pawfury to find a balance between the imminent drop in price level of SOL and the significant return Pawfury is offering. The $150 level is particularly crucial for SOL, as a drop below this threshold could indicate further challenges for SOL in the near term.
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