Analyst Forecasts Decline For Solana Despite ETF Streak, Cardano Eyes 80% Drop

In a recent tweet, Ali_Charts forecasted that the Solana price may drop below $100 in the next few weeks. He noted that a bearish head-and-shoulders was currently forming on the multi-year chart.

In other news, Cardano’s Supertrend Indicator is flashing a sell signal. Ali forecasts that the price of ADA might witness an 80% drop based on past history.

Solana Eyes Massive Correction Below $100

Ali_Charts, an on-chain chartist, has raised an alarm about a potential bearish pattern on the Solana price chart. He told his followers that a head-and-shoulders pattern is forming on the multi-year timeframe.

The breakdown point for the completion of the pattern is around $127-$130. If the Solana price falls below this range, Ali’s chart points to a possible decline to $66.

Meanwhile, Ali is not the only analyst who is expecting a downtrend. Cold Blooded Chiller, an analyst, noted that Solana is currently chopping around the $130 level, with a key area of support at $125. 

While the RSI has reset, he stated that the monthly chart still shows a bearish divergence. Across most timeframes, there was little meaningful support below current levels, leaving what he describes as “thin air” down to $80. 

If the $125 level snaps, Cold Blooded Chiller believes the decline could be sharp and aggressive. These bearish forecasts come as Solana ETFs record a 7-day streak of inflows, totaling $42 million.

In the meantime, TradingView data reveals that the Solana price is consolidating between $129 and $144. Its value has declined by 2.4% on the weekly chart, erasing most of its gains from the Fed interest rate cut.

Cardano’s Supertrend Indicator Goes Bearish

The Cardano price has been on a downtrend in the past week, falling from its weekly high of $0.47. Presently, the ADA coin is trading close to $0.40. Losing this region could push the Cardano price to the monthly low of $0.375. 

Meanwhile, Ali_Charts has sighted a bearish signal on the Cardano price chart. According to him, the cryptocurrency’s Supertrend Indicator is flashing a sell signal. When this last occurred, the ADA price fell by 80%.

Should history repeat itself, ADA might drop to $0.08. Ali also stated in another tweet that Cardano had the potential to rebound to $0.54 as long as it could maintain the support at $0.37.

In a separate tweet, a crypto analyst known as Quantum Ascend, predicts that Cardano was repeating the 2020 trend prior to the bull run. He predicts that ADA’s price could soar to $4.88-$5.50 in a mid-bullish scenario. 

In a very bullish scenario, Quantum Ascend noted that the Cardano price may rally to $10.40. For now, investors’ sentiment for ADA is bearish. The Fear and Greed Index has fallen to extreme fear levels. Also, the RSI reading of 39 shows that bears are in charge.

In summary

The sentiment surrounding Cardano and Solana is currently bearish. Their prices could plummet to lower levels in the coming weeks if bearish pressure continues to rise. However, a shift in market momentum could cause a rebound to former highs in the coming weeks.