A popular crypto analyst is predicting a potential big drop for Solana (SOL). He’s suggesting a price plunge of almost 40% could be on the horizon.
Solana’s Potential Plunge
Analyst Ali Martinez, who boasts a large following on X (formerly Twitter), says SOL needs to stay above $191. If it falls below that level, he believes it could quickly drop to $138. That’s a significant 39% decrease from the current price.
Martinez points to Solana’s price chart, showing it’s currently within an ascending parallel channel – a pattern usually associated with an uptrend. However, breaking below $191 would break this pattern, potentially ending the recent upward price movement.
Whale Activity in Other Cryptos
The analyst also highlighted significant selling activity by large investors (“whales”) in other cryptocurrencies. He noted that:
- XRP: Whales dumped over 130 million XRP in a single day, causing a price drop of over 20%.
- Dogecoin (DOGE):
A similar pattern was observed with Dogecoin, with whales selling off 270 million DOGE, resulting in a price drop of over 22%.
Disclaimer
Remember, this is just one analyst’s prediction. Crypto markets are notoriously volatile, and any investment carries risk. Always do your own research before investing in cryptocurrencies.
