Solana Crashes Below $100 Amid Massive Market Selloff
Solana (SOL) share prices fell 18% today making it the lowest it has been since February 2024. The SOL token now sells at $97 while weighing down by 60% compared to its January peak. The market selloff hit everything risky when President Trump announced new tariffs.
Trading activity in the crypto market increased following the strong price movement, which surprised everyone. During the previous day, SOL had over $5.39 billion worth of trades, which spiked 230% and created heavy selling demand.
The market volatility wiped out $62 million of long trades according to Coinglass, which ranked Solana as second most susceptible to liquidation.
Whale Doubles Down on SOL With $7.6M Stake
The upcoming token unlock event will contribute to existing market pressure. According to Tokenomist figures, 465,000 SOL tokens worth more than $50 million will enter the market this week, which could drown the current market conditions where demand appears weak.
Market sentiment has hit its lowest point since start of the downturn. The Fear and Greed Index now hits 23 points, which puts it strongly in “extreme fear” sector. The majority of traders stay away from buying dips because they do not think we have hit bottom yet. Yet, amid the panic, some still see a glimmer of opportunity.
A major investor put $7.63 million into Solana despite its bearish performance by purchasing 71,000 SOL. In a different perspective, Helius Labs CEO shared his opinion:
“I’m not sure how much lower the general market goes… but it is the most obvious asymmetrical bet for anyone without a time horizon.”
Many people refuse to accept the idea of purchasing Solana at this price point. Market expert Jason Pizzino believes Solana”s current problems will continue for the near future. The analyst predicts that Solana”s price will reach $80 before going lower to possibly drop below $60.
At an 80% decline from its top in January, Solana would experience a major project failure for crypto enthusiasts.
The market will closely observe $90 over the course of this week because traders expect it to protect Solana from further declines. Investors who support Solana may face an unexpected steep decline once this support level stops holding.
