Is Solana’s Price Dying? Experts Weigh In with Gloomy Predictions

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Ah, Solana—once a darling of the crypto world, now seemingly caught in a spiral of despair. With a price that can only be described as “heading south,” SOL has dropped another 9% today. The coin, now priced at $166, has lost its charm, much like a once-popular but now-forgotten celebrity. The reason? Well, the Solana-based meme coin LIBRA decided to play a risky game of pump-and-dump, leaving a trail of liquidations and sad faces across the Solana meme coin sector. 💸

To make matters worse, this sharp decline marks a 38% drop over the past month. A small silver lining? The market cap has only decreased by 9% in 24 hours, now sitting at a more modest $81.37 billion, down from a more glorious $127.5 billion just last month. Who’s counting, though? Right? 🙄

On-chain data from Glassnode doesn’t paint a pretty picture either. Active addresses have plunged from 18.5 million in November to a measly 8.4 million now. And if that’s not enough, the network’s transaction volume has collapsed from a robust $2 billion to an embarrassing $26 million. In short, the activity is fading faster than a summer vacation. 😢

Token Unlock Ahead – Let the Chaos Begin!

As if things weren’t dramatic enough, Solana’s upcoming token unlocks are keeping investors up at night. Over 15 million SOL tokens, worth a whopping $7 billion, are set to flood the market between February and April. That’s right—prepare for some serious inflation. With a token unlock of this magnitude, expect Solana’s inflation rate to reach 4.715%. That’s like watching a balloon slowly deflate, with the price following suit. 🎈

Renowned crypto trader RunnerXBT, clearly enjoying the chaos, has called these market conditions “dangerous” for Solana investors. Meanwhile, investor Ted has suggested that maybe, just maybe, the capital should flock to Ethereum instead. Well, that’s one way to stir the pot! 🍲

SOL Price Analysis – Spoiler: It’s Not Looking Good

If you were hoping for a glimmer of hope, I’m afraid the daily chart won’t offer it. The MACD line is firmly below the signal line—classic bearish behavior. The lack of any imminent crossover means downward pressure might be sticking around for a while. So, don’t get too comfortable. 💤

The Relative Strength Index (RSI) is at a paltry 29, suggesting that Solana might be oversold. While that could mean a small relief bounce is on the horizon, don’t hold your breath for a miracle. In fact, the bearish pressure might just keep pushing it further down into oversold territory. 😬

Meanwhile, Solana’s price is hanging by a thread near the lower Bollinger Band. Increased selling pressure is evident, with the bands widening to reflect rising volatility. Major price swings in either direction are coming—fasten your seatbelts! 🎢

If SOL can hold the $160 support level (that’s a big if), there’s a chance it could stage a modest rebound toward the $175–$180 resistance zone. Anything above $180 could see it pushing towards $200. But, let’s not get carried away. 😅

On the flip side, if the selling pressure intensifies (which, let’s be honest, it likely will), Solana could break below $160 and tumble toward its next major support level at $145. If that level can’t hold, well, the next stop could be $130, and there’s really no telling where the descent stops. Good luck, my friends. 🍀

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2025-02-18 12:59