Oh, the drama! Solana (SOL) is feeling the heat as the market takes a tumble. The once-mighty altcoin has seen its price plummet to a five-month low, and some market watchers are predicting even more pain ahead.
Solana Sentiment Sinks to a Yearly Low
As the crypto market continues to bleed, Solana has followed suit, dropping a whopping 12% from the $150 support. This has dragged its price down to $131, its lowest point since September. Ouch!
Analyst Miles Deutscher has pointed out that Solana’s sentiment has reached its lowest level in over a year. Yikes! But don’t worry, folks, because as we all know, every cloud has a silver lining.
It seems that the market sentiment has shifted over the past few weeks, with many community members expressing increasing fatigue from the numerous Solana-based memecoin scams. But hey, at least we can all have a good laugh about it, right? 🤣
After the Libra token crash, which saw over $100 million taken from investors, the market started to see capital rotation from Solana to Ethereum. At the time, SOL’s price dropped 12%, losing the $180 support zone and failing to reclaim it for the past week.
Deutscher stated that Solana is “finally having its capitulation moment” after being a top performer throughout last year. He also implied that the capitulation suggests a rebound could be coming. Fingers crossed! 🤞
Another 50% Drop Coming?
Crypto analyst Jelle highlighted that Solana is registering a 50% drop from January highs and has retraced to a key weekly level. The $130 and $140 zone was a key support level throughout the 2021 all-time high (ATH) breakout and the 2024 rally.
Jelle also suggested that holding this area will be key for Solana’s performance, as the upcoming token unlock, scheduled for March 1st, will affect its price. So, let’s all keep our fingers crossed and hope for the best! 🤞
Ali Martinez commented on SOL’s recent performance, noting that SOL’s trading pair against BTC resembles ETH/BTC. According to the analyst, the SOL/BTC chart is starting to look like Ethereum’s trading pair against BTC’s past price action.
If the pattern continues, SOL/BTC could be poised for a 50% drop to 0.0008, sending Solana’s price to the $70 region. Yikes! But hey, who doesn’t love a good rollercoaster ride, right? 🎢
Meanwhile, Altcoin Sherpa considers the $90-$125 region a “good area overall” to purchase, as he doesn’t believe that Solana is “dead.” The analyst added that SOL will likely recover from the lows but expects some volatility. So, buckle up, folks, because it looks like we’re in for a wild ride! 🎢
As of this writing, SOL trades at $141.36, a 45% decline in the monthly timeframe. But hey, who knows? Maybe Solana will surprise us all and make a comeback like a phoenix rising from the ashes! 🔥
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2025-02-26 11:11