- The price of Solana falls below $100, marking a significant decline since February 2024.
- Trading volumes for Solana surge 320.74% amid broader market selloff and uncertainty.
- Over $62M in long positions liquidated as Solana faces significant market pressure.
Solana’s price took a sharp downturn on April 7, falling by 18% and dropping below $100 for the first time since February 2024. This decline follows a steady decrease of more than 60% since mid-January. As of press time, SOL is trading at $100.89, sparking concern among traders who are now speculating whether the price could dip below $90.
Surge in Trading Volumes
Solana’s recent price dip comes amid a broader pullback triggered by Trump’s new tariffs. Currently, the trading volumes have risen significantly, and for Solana, the trading volume has risen by 320.74% in the last 24 hours to $6.82 billion. The narrative shifted fast — from “Solana season” to “Can Solana survive this season?”
In the wake of this drop, Solana has experienced the second-highest number of liquidations among altcoins. Data from Coinglass reveals that more than $62 million in long positions on Solana were liquidated over the last 24 hours. This surge in liquidations highlights the risks of leveraged trading, especially during periods of high volatility, and has left many investors uncertain about the future of Solana.
Optimism Amid Declining Prices
However, there are still some meaningful optimists within the sphere of cryptocurrencies who believe in the future of Solana. Helius Labs CEO Mert Mumtaz considers SOL the most “obvious asymmetrical bet” for crypto-optimists with a one-year-plus investment horizon. He pointed to Solana’s balance of retail and institutional adoption, its battle-tested nature, and the major upgrades expected in 2025 as key reasons for long-term confidence.
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Crypto analyst Jason Pizzino, in an X post, warned that the current price action suggests Solana may face further declines. He projected that the next price target for Solana could be $80. There is also a potential drop below $60, reflecting a typical 80% correction for major altcoins during bear markets.
Since Solana’s price remains precarious, stressing a bearish trend as we speak, the crypto market remains choppy. While there are hopes for a recovery in the long run, there are also dangers that are expected to occur in the future. The following weeks will critically define whether Solana will be able to post some positive reversal in its trend or not.
