Solana Bearish Journey: Market Correction Confirmed, Analysts Pessimistic About Future Trends

Solana, a key player in the cryptocurrency realm, has recently undergone notable shifts in the market. March 2024 saw Solana, alongside Bitcoin, reach its pinnacle value. However, April 2024 brought about a market correction, evidenced by support levels breaking and the formation of a “cap” pattern on the price chart.

Renowned crypto analyst Alan Santana highlights several bearish indicators that have emerged post-Solana’s peak in March. The appearance of a shooting star candlestick pattern, an inverted hammer pattern, and upper shadows on the candlesticks all point to a bearish trend.

Moreover, the trading volume has steadily declined each successive session, accompanied by a weak Moving Average Convergence Divergence (MACD) indicator, lower highs, and a generally bearish market sentiment.

Santana says Solana might go down a lot, like 4 times the amount you bet, and you could make up to 222% profit. He suggests buying when the price is between $165 and $143, and if the price keeps dropping, you could sell at prices from $130 to $64. But remember, this is just to show you how it could work, not financial advice.

Solana Journey Through Market Challenges

In the recent market upheaval, Solana has distinguished itself as one of the most impacted cryptocurrencies. Initially soaring to $202, it soon encountered formidable resistance aggravated by internal challenges within its ecosystem. Factors such as network congestion and a clash among the founders of two Solana-based projects further fueled the turbulence.

Consequently, SOL has experienced a significant 16% depreciation over the past month. It is currently at $144, with a marginal uptick of 0.80% in the last 24 hours. Moreover, its daily trading volume has shrunk to $4.8 billion, causing it to slide out of the top 5 cryptocurrencies by daily trading volume.


These setbacks raise doubts about SOL’s resilience and stability. Investors are closely scrutinizing its future path amid ongoing challenges. Whether Solana can recover and rebuild investor confidence remains uncertain as the cryptocurrency market grapples with volatility and internal conflicts.

Related Reading | SEC Blocks Coinbase Appeal Over Post-Sale Obligations

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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