Further 50% Collapse on the Way?

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Is SOL headed toward $50?

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Summarize with AI

Summarize with AI

The cryptocurrency market seems to can’t catch a break lately, and numerous digital assets continue to chart painful losses.

Solana (SOL) is among the poorest performers, with its price plunging by 25% in the past week alone. According to some market observers, the bears might be just stepping in.

Major Collapse on the Horizon?

Just hours ago, SOL tumbled to approximately $95, its lowest level since February 2024. As of this writing, it trades at around $96, which is a staggering decline from the all-time high of almost $300 registered nearly a year ago.

Many industry participants are now concerned that the asset may experience a further decrease in the short term. Ali Martinez, for instance, predicted that SOL could nosedive to $74.11 and even $50.18.

The analyst, going on X as curb.sol, outlined $100 as an “extremely important level” for the token. In their view, holding that zone could result in a new bull run to a fresh all-time high, whereas the opposite scenario might lead to a crash to roughly $50 sometime this year.

For their part, Alex RT₿ assumed the price may retreat to $70-$80 if SOL breaks below the $90 support level.

Any Chance for the Bulls’ Return?

It is important to note that some analysts believe the current rates could present great buying opportunities. The one using the X handle, Lucky, told their almost two million followers that “if the market behaves well, this could be a smart entry.”

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Mookie also recently chipped in, vowing to go all-in should SOL drop below $100.

Meanwhile, some key indicators suggest it might be time for a rebound. SOL’s Relative Strength Index (RSI) fell well below 30, meaning the price has declined too much in a short period of time. Ratios under that level signal that SOL is oversold and due for a potential rally, whereas anything above 70 is seen as bearish territory.

SOL RSI, Source: CryptoWaves

Furthermore, exchange outflows have significantly surpassed inflows in the past several weeks. This suggests that investors have shifted from centralized platforms to self-custody, thereby reducing immediate selling pressure.

SOL Exchange Netflow, Source: CoinGlass

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Source: https://cryptopotato.com/solana-sol-nosedives-by-25-in-a-week-further-50-collapse-on-the-way/