Despite an apparent sentiment shift in the cryptocurrency market, the renowned analyst Alan Santana is skeptical for the short-term. In a highly bearish analysis, the trader predicts Solana (SOL) may crash to $33 in the following days.
Alan Santana published this recent analysis as a TradingView idea on August 24. Interestingly, this $33 target is an update from a previous analysis targeting $55 per token for SOL.
According to the analyst, Solana may experience this massive crash in the following three weeks or 21 days. Yet, Santana warned that “these things are hard to predict,” but seems confident that the crash will eventually come.
If SOL price plays out as expected, the market could see the $33 level again by September 19, following a crash potentially triggered on August 29. The last time Solana saw these prices was in October 2023.
Solana isn’t alone; Incoming generalized crypto crash
Solana is not the only cryptocurrency that Alan Santana expects to crash in the following days. Notably, the trading expert highlighted a similar forecast for Bitcoin (BTC) and altcoins, calling it “the biggest crash since the bear market,” as Finbold reported.
Essentially, he described it as the last shakeout before sustained long-term growth – concluding he is bullish at higher time frames.
As explained, however, Santana believes small and mid-cap cryptocurrencies will recover faster after the crash. Higher capitalized coins like Solana, Bitcoin, Ethereum (ETH), XRP, Tron (TRX), Toncoin (TON), and others will take longer to bounce back up.
From a fundamental perspective, Solana has faced growing criticisms from different aspects, partially exposed in a recent video.
Opportunity on small-cap altcoins
Therefore, investors may find better opportunities with smaller projects, like MultiversX (EGLD). EGLD has joined the radar of other renowned analysts, traders, and value investors, about which Finbold already reported.
Namely, Justin Bons called it the “Holy Grail of crypto technology,” while Lucky (LLuciano_BTC) noted a bullish price outlook is forming.
Additionally, Michaël van de Poppe doubled down in his altcoin strategy, betting heavily on the small-cap projects within the Ethereum ecosystem.
While some analysts may disagree in their short-term predictions, it is an overall consensus that the cryptocurrency will soon experience a bull market. Investors must remain cautious with leveraged trades and favor long-term positioning in projects with good fundamentals and growth potential.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk
Source: https://finbold.com/heres-when-solana-could-crash-to-33-according-to-analyst/