Analyst Warns Solana Price Risks Major Breakdown, Should Investors Worry?

As Solana’s (SOL) price attempts to hold a crucial support area, an analyst has warned investors that the highly anticipated “Solana season” might not happen as the altcoin risks a massive price ￰0￱ Reading: Has The Crypto Treasury Bubble Burst? Tom Lee Thinks So Solana Risks ‘Serious Downside’ On Friday, Solana followed the rest of the market and fell below the $180 support to retest the recent ￰1￱ cryptocurrency started this week by recovering from last week’s correction to its two-month low of $168, briefly attempting to reclaim the $210 resistance on Tuesday. However, the recent market volatility has seen the altcoin lose the $200 level again and retest a crucial support area that could determine SOL’s next ￰2￱ this performance, analyst Crypto Bullet shared a bearish outlook for Solana, suggesting that a 75% crash from current prices might be ￰3￱ Q2, the market watcher warned that the cryptocurrency’s bull market was “likely over,” highlighting its structure in the higher timeframe ￰4￱ the post, SOL “had a clear 5-wave Impulse to the upside that ended in January with $TRUMP coin blow off top,” when the altcoin hit its all-time high (ATH) of $293.

Based on this, he forecasted that Solana would see an ABC corrective wave pattern in the coming months, with a potential bounce to the $240-$250 area for the B wave, before “the most painful wave down (C).” The analyst affirmed that the cryptocurrency has likely completed the B wave, although it could have a bounce to a new higher high before the breakdown. “The monthly candle still has 2 weeks to close green, but frankly speaking, Solana looks cooked (whether we get a higher high to trap more people or not),” he ￰5￱ Bullet cautioned SOL holders that if the C wave has started, they “should be prepared for some serious downside” in the mid-term toward the $40 ￰6￱ SOL Retest $210?

Analyst Ted Pillows also cast a warning for investors, asserting that “Solana treasury companies are in free fall right now.” He suggested that the recent dump is partially driven by the halt in institutional bidding. “Until these companies show some recovery, I think Solana’s price recovery will be difficult,” the post ￰7￱ the bearish predictions, some market watchers consider that SOL’s bullish outlook is still in ￰8￱ of Bitcoin highlighted that Solana’s price is potentially forming a 1-2 setup, which could send its price back to the $200-$210 ￰9￱ the analyst, as long as the price holds above the $170 support level, the bullish scenario could continue to play out.

meanwhile, Crypto Yapper noted that Solana is currently retesting a double support in the daily chart, which could set the stage for a 15%-20% ￰10￱ Reading: Ethereum Ready For ‘Rapid Expansion’ As Price Holds $3,900 Support – 30% Rally Coming? Per the post, SOL’s price is retesting the lower boundary of a 2-month falling wedge formation and the crucial $170-$180 horizontal level, which has served as a major support and resistance level throughout the ￰11￱ these levels in the daily and weekly timeframe could spark a rebound and propel the price to retest the falling wedge’s upper boundary and the crucial horizontal resistance around the $210-220 mark, the analyst ￰12￱ of this writing, SOL is trading at $182, a 12.6% decline in the daily ￰13￱ Image from Unsplash.

com, Chart from ￰14￱