This Analyst Called The Bitcoin Crash Below $20,000 In 2021, He’s Back With A Shocking Prediction For Solana
A crypto analyst who famously forecasted the dramatic Bitcoin (BTC) crash to $20,000 in 2021 has caught the eye of traders and merchants with a brand new warning about Solana (SOL). In a technical evaluation, he identifies a vital resistance zone that he believes have to be reclaimed quickly. Without restoration, he warns that the SOL price could break down towards a a lot decrease degree, deepening the cryptocurrency’s already persistent downtrend.
Bitcoin Crash Caller Issues New Solana Alert
After projecting BTC’s collapse 4 years in the past, crypto market skilled DonAlt is highlighting new dangers in Solana. In one in all his newest analyses, DonAlt shared an in depth have a look at Solana’s price structure, together with a chart that highlights a significant purple resistance zone between $190 and $215.
According to him, that is the vary degree Solana must recover to keep away from a deeper correction. The analyst defined that his stance on Solana has been bearish for a while, and the latest rejection from this key resistance space has solely bolstered that outlook.
The SOL value chart reveals a number of failed makes an attempt to shut above the purple field, suggesting that sellers should still be controlling the pattern regardless of recent accumulation. The higher vary line round $250 has acted as an unyielding ceiling for months now, and DonAlt has indicated that so long as Solana trades considerably under it, the market needs to be considered structurally weak. Currently, the altcoin’s value has slipped towards mid-range ranges, and the weekly timeframe is beginning to exhibit early indicators of a bearish breakdown.
In a earlier report, DonAlt presented the identical chart construction, emphasizing that Solana’s value motion stays “terrible” except patrons step in inside two days to rescue the weekly shut. If they fail to take action, he expects the cryptocurrency’s value to fall again towards the vary help at $126. At the time of writing, Solana is buying and selling round $141, which means a decline to $126 would symbolize a greater than 10% drop in worth.
Notably, the bearish pressure is seen on the chart candles, which proceed to weaken every time Solana approaches the purple resistance zone. The pattern displays a diminishing energy and a gentle decline in momentum, additional augmented by the broader crypto downtrend and rising volatility.
SOL HTF Chart Signals Severe Breakdown Risk
DonAlt has additionally displayed a High-Time Frame (HTF) chart that he considers probably the most bearish he has seen in latest months. The chart reveals a clear rejection from the higher boundary close to $208, underscoring the weak point creating in greater timeframes.
While many merchants assume that bearish setups fail after they turn into too apparent, DonAlt means that the present scenario with Solana is reverse. He factors out that just about nobody is panicking and even discussing the potential risks, which is much more uncommon, indicating that this silence could also be masking actual vulnerability.