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Solana price is on the verge of the biggest collapse as the crypto market crash intensifies. With Donald Trump’s tariff announcement, the bearish sentiments remain dominant in the financial market, affecting assets like Solana (SOL) and others. However, as this altcoin moves down the critical support, its three-digit price will likely turn into two with a major crash. How? Let’s discuss this.
Solana Price Crashed 15% Today
With a 61% crash from the ATH, set just 2 months ago, Solana holders are in complete turmoil. Interestingly, it is among the top cryptos of the market, but the downtrend persisted due to the decline in the meme coins hype.
The intensity of the downtrend soared as Donald Trump introduced new tariffs, affecting all the financial markets. Amid the investors’ bearish sentiments, the Solana price has crashed 15%, currently at a month’s low of $116.35.
However, its trading volume has surged 135% to $6.69B, indicating the investors’ high trading as they prepare for SOL’s next move. However, the concerns extend as the token’s declines the crucial $120 support.
Solana Price Moves Down the $120 Support, What’s Next?
The dominance of the bearish sentiments among the Solana holders has resulted in its prolonged downtrend. As the altcoin has moved down the crucial support of $120, crash fear emerged. A move down this could result in the SOL price’s crash to $90, per crypto analyst XO.
Similarly, other analysts’ Solana price predictions indicate the same, with the majority forecasting a crash to $90 or lower. This is because the altcoin’s chart is showing the formation of a bearish triangle, whose continuation could result in the crash to as low as $58.
However, a recovery is also possible once the token regains the $118 support. Experts believe this is the accumulation zone, where buyers’ dominance could push the SOL price to $1000 in the long term.
It is important to note that this prediction is possible if the SEC approves SOL ETF or the U.S. government discloses Solana holdings.
Is SOL Price Crash Imminent?
Although the entire crypto market, including Bitcoin, crashed, the concerns are higher for Solana. This is due to investors’ declining interest and bearish market sentiments, resulting in analysts anticipating a decline to as low as $58.
Experts believe investors should monitor the SOL price and macroeconomic events. More importantly, the key support levels as the bearish sentiments remain high.
Frequently Asked Questions (FAQs)
The Solana price downtrend began with meme coins losing their hype and the investor activity on the blockchain declining.
Solana price may hit bottom at $58 if the downtrend persists amid bearish triangle formation.
Experts believe the Solana price may recover if the token crosses the key support of $118, initiating an uptrend.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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