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<p><a href="https://captainaltcoin.com/this-solana-metric-hits-new-ath-but-wheres-sol-price-headed-next/" rel="noopener noreferrer nofollow">Solana (SOL)</a> continues to face bearish pressure as noted by top analyst Alan Santana. According to his analysis, SOL’s price could fall further, potentially reaching $80, as a series of breakdowns point to continued downward momentum.</p><h2 class="wp-block-heading" id="strong-the-end-of-the-bullish-wave-strong"><strong> The End of the Bullish Wave</strong></h2><p>Santana’s analysis begins by marking March 2024 as the end of Solana’s bullish wave. Prior to this, the crypto had seen considerable growth, reaching high price levels around $210.18.&nbsp;</p><p>But following this time, several breaks started to change the market mood from positive to pessimistic. Santana draws attention to the first price decline, which marked the beginning of the downturn soon after SOL reached its high.</p><figure class="wp-block-image aligncenter size-large"><img width="1024" height="393" src="https://captainaltcoin.com/wp-content/uploads/2024/09/image-354-1024x393.png" alt="" class="wp-image-556839"><figcaption class="wp-element-caption"><strong>Source: <a href="https://www.tradingview.com/chart/SOLUSDT/axxxvlay-Solana-Simple-Candlestick-Reading/" rel="noopener noreferrer nofollow">TradingView/AlanSanana</a></strong></figcaption></figure><p>This initial breakdown is followed by a second one, reinforcing the negative momentum. According to Santana, this confirms the bearish trend and sets the stage for further price declines.</p><h2 class="wp-block-heading" id="strong-continued-downward-pressure-strong"><strong>Continued Downward Pressure</strong></h2><p>The chart shared by Santana shows multiple signs of consolidation after each breakdown, indicating short pauses in the downtrend before the price resumes its fall.&nbsp;</p><p>Consolidation periods, marked with the letter “C” on the chart, play a crucial role in this pattern, offering temporary stabilization before the price continues to decline.</p><p>The most crucial confirmation of this trend, according to Santana, comes from a third breakdown, where the price forms a lower high. This lower high confirms the bearish bias and suggests that <a href="https://coinmarketcap.com/currencies/solana/" rel="noopener noreferrer nofollow">Solana’s price</a> is likely to face ongoing pressure in the coming months.</p><h2 class="wp-block-heading" id="strong-potential-price-targets-80-and-below-strong"><strong>Potential Price Targets: $80 and Below?</strong></h2><p>Santana’s analysis also suggests important Fibonacci retracing levels as possible Solana support points. Especially the 0.618 and 0.786 levels match possible price goals of $80 and $60, respectively.</p><p>Santana believes these levels could act as support as SOL continues its downward movement. He emphasizes that the overall trend remains bearish, and it could take at least six months for any signs of reversal to appear on the chart.</p><div class="wp-block-rehub-colortitlebox rh-colortitlebox"><div class="rh-colortitle-inbox"><i class="rhicon rhi-bolt-regular rh-colortitlebox-icon"></i><div class="rh-colortitle-inbox-label"> Celebrate Dogecoin and Make Big Gains with Doge2014! </div></div><div class="rh-colortitlebox-text"><div class="wp-block-rehub-contenttoggler rh-contenttoggler"><div class="rh-toggler-wrapper"><p><strong><a href="https://doge2014.io" rel="noopener noreferrer nofollow">Doge2014</a></strong> raises 450K in days celebrating Dogecoin. Make potentially big profits and get in on <strong><a href="https://doge2014.io/en/airdrop" rel="noopener noreferrer nofollow">exclusive airdrop</a></strong>!</p><span class="rh-tgl-trigger"><span class="rh-tgl-show">Show more +</span><span class="rh-tgl-hide">Show less –</span></span><span class="rh-tgl-grad"></span></div></div></div></div><p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/this-xrp-chart-looks-like-a-time-bomb-will-ripples-token-repeat-2017/" rel="noopener noreferrer nofollow"><strong><em>This XRP Chart Looks Like a ‘Time Bomb’ – Will Ripple’s Token Repeat 2017?</em></strong></a></p><h2 class="wp-block-heading" id="strong-bearish-trend-expected-to-persist-strong"><strong>Bearish Trend Expected to Persist</strong></h2><p>In summary, Santana’s analysis highlights a strong bearish trend for Solana, with several breakdowns and consolidations pointing to further price declines. The projection suggests that SOL could reach $80 before finding support.&nbsp;</p><p>Santana plans to update his analysis when there are any indications of a potential reversal in the trend. Until then, the bearish bias remains in play.</p><p><em><strong>Follow us on&nbsp;<a href="https://x.com/CaptainAltcoin_" rel="noopener noreferrer nofollow">X (Twitter)</a>,&nbsp;<a href="https://coinmarketcap.com/community/profile/CaptainAltcoin/" rel="noopener noreferrer nofollow">CoinMarketCap&nbsp;</a>and&nbsp;<a href="https://www.binance.com/en/square/profile/captainaltcoin" rel="noopener noreferrer nofollow">Binance Square</a>&nbsp;for more daily crypto updates.<br>Get all our future calls by joining our&nbsp;<a href="https://t.me/captainaltcoincom" rel="noopener noreferrer nofollow">FREE Telegram group.</a></strong></em></p><div class="bigofferblock margincenter mb30 pt20 pl20 pr20 "><div class="col_wrap_two mb0"><div class="offerbox_big_wrap flowhidden"><div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" rel="noopener noreferrer nofollow"><img class="lazyload" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"></a></div><div class="product-summary col_item mobileblockdisplay"><h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" rel="noopener noreferrer nofollow"><span>We recommend eToro</span></a></h3><div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>Don’t invest unless you’re prepared to lose all the money you invest. 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Analyst Warns of Solana’s Bearish Trend – Will SOL Price Crash to $80?

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