Solana (SOL) is performing exceptionally well this year. After a spectacular end to 2023, SOL will continue to perform excellently in 2024. In March, the digital currency even reached its highest point in years. However, according to crypto analyst Gert van Lagen, this positive trend will soon come to an end, with an expected drop of up to 90%.
Van Lagen indicates on the chart, with a blue arrow, that SOL could fall to around $13, which would represent a dramatic price drop of more than 90% from current levels.
The analyst bases his prediction on Elliott Wave theory, a technical analysis method that attempts to predict market trends by identifying patterns in price movements. According to this theory, markets move in repeating cycles, caused by the collective behavior of investors.
According to the analyst, 2021 marked the end of an upward Elliott Wave trend, which signals the end of a bullish cycle. The following year, according to Van Lagen, the A-wave downwards began, ushering in the first part of a long bear market. In 2023, the so-called B wave, a corrective rally within the broader bear market, began.
Gert van Lagen expects the C-wave to occur soon, sometime in 2024. This wave is considered the final phase of the broader bear market cycle within Elliott Wave theory and could mark the end of the downtrend for Solana.
Credible Crypto is ook bearish
Popular analyst Credible Crypto also expects a significant decline for SOL. According to him, the coin is currently in a distribution phase, where large investors take their profits without immediately causing the market to collapse.
Credible Crypto first predicts a strong rise in Solana, possibly to $230, driven by a well-performing Bitcoin (BTC). However, he foresees a correction afterwards where the price could fall below $100, which would mean a crash of more than $70 from current levels.
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Source: https://newsbit.nl/crypto-analist-verwacht-een-mega-solana-crash-tot-13/
