Solana (SOL) has been enjoying a multi-month upward trend, but recent technical analysis suggests this rally might be forming a complacency shoulder within a macro B wave, potentially signaling a bearish downturn.

In the latest update, crypto analyst Bluntz Capital voiced concerns that Solana’s broader market outlook may not be as rosy as it seems, especially without a confirmed five-wave decline on lower timeframes.

The analysis points to possible price declines toward key support levels like the $85 region, signaling caution for traders and investors. Bluntz noted that while the current pattern does not necessarily spell immediate doom, the broader market could face challenges if a former bull run leader like Solana shows signs of weakness.

Notably, Solana has maintained a 16% gain in its 30-day price performance, with its market value currently at $170. Despite this impressive gain, analyst Bluntz suggests that the current price action is not definitively bullish.

Meanwhile, he believes the sentiment around Solana could improve if SOL reclaims its last-week high. “If Solana breaks $195 again, it could mean a crisis averted,” Bluntz said. “Until then, beware.”

Commenters on the analysis have offered mixed reactions. One expressed skepticism, suggesting that Solana cannot drop to $80 unless the bull market is over. Another questioned Bluntz’s perspective, noting that if Bitcoin does not share the same bearish outlook, it is difficult to envision Solana declining as predicted.

Some have even criticized his technical analysis as flawed, given his anticipation of Solana reaching $85, a significant 50% decline from its current value.

In a separate conversation, the analyst commented on the potential trajectory of Dogwifhat (WIF), a notable Solana meme coin. He observed that while WIF had a notable upward movement, it appeared to be a corrective wave rather than an impulsive rise. This suggests that WIF’s price might decline in the short term. Despite this, the analyst remains hopeful for future opportunities with WIF.