Solana has been given a bearish warning despite being one of the best performers over the past year. This forecast contradicts the seed of current speculations where the price was predicted to rise to $1,000. But not everyone shares that sentiment, as one cryptocurrency analyst predicted the auction price could drop 42% from that point.

Solana price is becoming bearish

IN analysis on TradingView, crypto analyst Alan Santana warned that Solana’s price is turning bearish. The analyst points to developing trends in 2024 compared to 2023 and that current trends are more bearish. This includes the altcoin’s volume and what happened in the wake of the large spikes.

For example, the analyst indicates that 2023 looks better than 2024 on the chart. First, the 2023 chart shows many vast volume spikes, which are green. This meant that volumes were increasing, and as a result, there was also noticeable escalate in the price of Solana.

In line with this, 2024 also saw noticeable spikes in Solana volume, but that’s about it as far as similarities go. This time, the spikes in volume are in the red, and Solana price has collapsed after that. This suggests that the current trend is more bearish, and the price could fall even further.

Hence, the target is a crash to $80. If that happens, Solana’s price will fall by over 40%. If the crash continues, reversing the gains from 2023, we can expect a drop to $60. At these prices, that would mean a drop of over 50%.

This is not the time for optimism

A cryptocurrency analyst has warned investors that sanguine about the price of Solana now could be a mistake. Santana further points out that Solana’s price has barely moved, even with Bitcoin’s rebound. This impoverished performance could suggest that the bull run is over.

“Bitcoin went up today and scared some people; the impact on Solana and other Altcoins is minimal, we see almost no growth,” the crypto analyst pointed out. “This is the evidence I mentioned of how to see the end of the correction.”