The crypto market has witnessed a downturn for Solana (SOL), prompting analysts to reassess its short-term trajectory. Solana’s price action lately has seen SOL shed over 13% of its value in just seven days. As the asset hovers around $148, analysts are sounding the alarm, pointing to a potential drop towards the $130 mark.
Moreover, the bearish chorus grows louder, with some even declaring the top is in for Solana against major players like Bitcoin and Ethereum. Meanwhile, projects within the Solana ecosystem face scrutiny, as the future of meme coins hangs in the balance.
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Solana (SOL) Price Prediction and Analysis
Top trader Crypto Chase has highlighted Solana’s “relative weakness” in a recent tweet, suggesting that the asset may be en route to lower levels. “I could see this tagging $130~ if $BTC breaks down,” Chase remarked, indicating a possible correlation between Bitcoin’s performance and Solana’s price direction.
Chase’s strategy focuses on placing bids in the “low 130’s / high 120’s” range to capitalize on strong entry opportunities. He seeks a robust opportunity for his next long position, ideally a market drop. Additionally, Chase mentioned that recent profits from partial sales of Bitcoin and Ethereum positions lessen the need for a quick market re-entry.
Is it over for SOL?
Analyst Boj from Crypto Analysis has taken a bearish stance on Solana’s prospects. He tweeted that SOL may have peaked against major cryptocurrencies like ETH and BTC. Boj also expressed his pessimism about the broader Solana ecosystem, declaring that memes and WIF are dead.
Boj’s comments suggest that the excitement over Solana-based meme coins and projects might be fading. He also anticipates potential backlash from SOL supporters, suggesting they might regret holding their memes until they are worthless.
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Adding to the bearish chorus, trader Jelle observed that Solana has “failed to repeat the February-March playbook.” This refers to previous price patterns that bulls had hoped would recur. “Lost support, and rejected from it as well,” Jelle tweeted, highlighting a technical breakdown that often precedes further declines.
Consequently, Jelle would “not be surprised if it revisits $140,” aligning with other analysts who see Solana testing lower support levels in the near term. This target suggests that even if SOL does not reach the depths predicted by some, it may still have room to fall.
Current Market Data
According to data from CoinGecko at press time, Solana is trading at $148.45. This represents a daily decline of 2.27% and a more substantial 7-day drop of 13.71%. These figures underscore the recent selling pressure faced by SOL holders.
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