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 crash.
In Q2, the market watcher warned that the cryptocurrency’s bull market was “likely over,” highlighting its structure in the higher timeframe chart. Per 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).”
Crypto 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 target.
Holding 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 noted.
As of this writing, SOL is trading at $182, a 12.6% decline in the daily timeframe.
