Here’s when Solana might plummet to $33, according to expert analysis
Renowned analyst Alan Santana remains skeptical about the short-term prospects of the cryptocurrency market, and in a highly bearish analysis, he predicts that Solana (SOL) could crash to $33 in the coming days.
Santana, who published this analysis on TradingView on August 24, recently updated his target for SOL from $55 per token to the more pessimistic $33. He believes that this massive crash could occur within the next three weeks or 21 days, although he acknowledges that predicting such events is challenging.
If Santana’s predictions materialize, the market may witness SOL reaching the $33 level again by September 19, following a potential crash triggered on August 29. Notably, Solana last saw these prices in October 2023.
However, Solana is not the only cryptocurrency that Santana expects to crash in the near future. He also foresees a similar fate for Bitcoin (BTC) and altcoins, dubbing it as “the biggest crash since the bear market.” He further suggests that this crash will serve as a final shakeout before sustained long-term growth, expressing his bullishness over higher time frames.
Santana believes that small and mid-cap cryptocurrencies will recover more quickly after the crash compared to larger coins like Solana, Bitcoin, Ethereum (ETH), XRP, Tron (TRX), Toncoin (TON), and others. He notes that the recovery for higher capitalized coins will take longer.
In terms of investment opportunities, Santana implies that smaller projects, such as MultiversX (EGLD), may present better prospects. Other analysts, including Justin Bons and Michaël van de Poppe, have shown interest in EGLD and other small-cap altcoins within the Ethereum ecosystem.
While opinions may differ among analysts regarding short-term predictions, the general consensus is that the cryptocurrency market will soon enter a bull market. Investors are advised to exercise caution with leveraged trades and prioritize long-term investments in projects with strong fundamentals and growth potential.
Disclaimer: The content provided does not constitute investment advice, and investing in cryptocurrencies carries risk.