Solana price is on the verge of the biggest collapse as the crypto market crash intensifies. With Donald Trump’s tariff announcement, the bearish sentiments remain dominant in the financial market, affecting assets like Solana (SOL) and others. However, as this altcoin moves down the critical support, its three-digit price will likely turn into two with a major crash. How? Let’s discuss this.
Solana Price Crashed 15% Today
With a 61% crash from the ATH, set just 2 months ago, Solana holders are in complete turmoil. Interestingly, it is among the top cryptos of the market, but the downtrend persisted due to the decline in the meme coins hype.
The intensity of the downtrend soared as Donald Trump introduced new tariffs, affecting all the financial markets. Amid the investors’ bearish sentiments, the Solana price has crashed 15%, currently at a month’s low of $116.35.
However, its trading volume has surged 135% to $6.69B, indicating the investors’ high trading as they prepare for SOL’s next move. However, the concerns extend as the token’s declines the crucial $120 support.
Solana Price Moves Down the $120 Support, What’s Next?
The dominance of the bearish sentiments among the Solana holders has resulted in its prolonged downtrend. As the altcoin has moved down the crucial support of $120, crash fear emerged. A move down this could result in the SOL price’s crash to $90, per crypto analyst XO.
Similarly, other analysts’ Solana price predictions indicate the same, with the majority forecasting a crash to $90 or lower. This is because the altcoin’s chart is showing the formation of a bearish triangle, whose continuation could result in the crash to as low as $58.
However, a recovery is also possible once the token regains the $118 support. Experts believe this is the accumulation zone, where buyers’ dominance could push the SOL price to $1000 in the long term.
It is important to note that this prediction is possible if the SEC approves SOL ETF or the U.S. government discloses Solana holdings.
Is SOL Price Crash Imminent?
Although the entire crypto market, including Bitcoin, crashed, the concerns are higher for Solana. This is due to investors’ declining interest and bearish market sentiments, resulting in analysts anticipating a decline to as low as $58.
Experts believe investors should monitor the SOL price and macroeconomic events. More importantly, the key support levels as the bearish sentiments remain high.
The post Solana Price Risks Crashing to $90 if $120 Support Fails appeared first on CoinGape.
