95% Crash on the Way?

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SOL is “basically trading in a big no man’s land,” one popular analyst argued.

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Summarize with AI

Solana’s SOL has been on a severe downfall lately, with its valuation plummeting by almost 40% over the past month alone.

According to some analysts, the bears are yet to reveal their full potential, envisioning a slump below $10 in the near future.

SOL HODLers, Beware

The leading altcoin was among the worst-affected cryptocurrencies following the latest market slump caused by Trump’s renewed tariff saga. Just a few hours ago, SOL briefly dipped to roughly $77 before snapping back above $80, meaning a 6% loss for the day.

SOL Price, Source: CoinGecko

The renowned analyst on X, Ali Martinez, observed the asset’s recent performance, claiming “the super trend indicator” has flashed a sell signal on the monthly chart. He noted that the last time this pattern appeared was in January 2022 and preceded a brutal 95% decline. Applying a decline of that magnitude to today’s levels would imply a staggering crash to approximately $4.

Moreover, Martinez warned investors to pay close attention to the $76 support zone. He believes that breaking below it could open the door to a further pullback to $53, $35, and $23.

Sjuul | AltCryptoGems also made bearish predictions recently. He argued that SOL “truly looks compromised on the high time frame” and is “basically trading in a big no man’s land.” The analyst claimed that as long as the price remains suppressed beneath the $110 resistance, SOL faces the risk of a deep retracement to as low as $20.

How About a Short-Term Bounce?

Despite the broader crypto market’s depressed condition and SOL’s substantial correction, the asset’s Relative Strength Index (RSI) suggests a rebound could be on the way.