A popular crypto trader is warning that the price of Solana (SOL) could plummet by over 50%.
A Technical Warning
According to Ali Martinez, a trader with a large following on X (formerly Twitter), Solana’s chart is showing a bearish pattern. This pattern, known as a right-angled ascending broadening wedge, often signals a price reversal. Martinez explains that if Solana breaks below the $130 support level, it could trigger a significant drop to around $65. That’s a potential 52% decrease.
Solana’s Current Situation
At the time of writing, Solana is trading slightly above $130, already down over 9% in the last 24 hours. Martinez notes that investor sentiment appears to be quite negative.
Further Price Drops Predicted
The warning isn’t limited to the price in USD. Martinez also suggests that Solana’s price relative to Bitcoin (BTC) could mirror a past Ethereum (ETH) pattern, potentially dropping to 0.0008 satoshis. He points to a decline in network activity and transaction volume as further supporting evidence for his bearish prediction.
Disclaimer
This analysis is solely the opinion of one trader and should not be considered financial advice. Always do your own research before investing in cryptocurrencies. Investing in crypto carries significant risk, and you could lose money.
