Solana Price Prediction: Analyst Warns of Major SOL Price Crash

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The Solana (SOL) network, a top-tier web3 ecosystem aiming to dethrone Ethereum (ETH) as the top smart contract blockchain, has experienced a significant rise in on-chain activity in recent times. Amid heightened fear of further crypto sell-off in the coming weeks, the Solana price invalidated a possible bullish breakout following a notable decline last week and on Monday. 

According to the latest market data, Solana’s price has dropped more than 21 percent in the past two weeks. However, the large-cap altcoin, with a fully diluted valuation of about $80 billion, rebounded over 15 percent in the last 24 hours to trade around $138 on Tuesday during the mid-London session. 

Analyst Issues Warning for Solana Traders

The TD Sequential indicator is now showing a sell signal on the #Solana hourly chart, suggesting a potential dip to $135-$130. However, breaking the risk line at $146 would invalidate this signal, potentially driving $SOL up to $150-$166. pic.twitter.com/71hIvEksuj

— Ali (@ali_charts) August 6, 2024

According to crypto analyst Ali Martinez, Solana’s hourly price has approached a crucial point that could either yield further bullish rebound or capitulation ahead. The crypto analyst noted that the TD Sequential indicator has flashed a sell on  SOL’s hourly time frame.

Consequently, the crypto analyst expects Solana’s price to retrace towards the range between $130 and $135. However, the bearish sentiment could be invalidated if Solana’s price consistently closes above $146 in the coming days, potentially pumping the altcoin toward $166.

Market Picture