Solana price is in a freefall today, April 7, after crashing by 18% to drop below $100 for the first time since February 2024. SOL has posted an over 60% decline since mid-January, with traders now concerned about how much further Solana will drop and whether a sub-$90 dip is on the horizon.
Solana Price In Freefall Amid Intense Selloff
Solana price trades at $97 at press time as risk assets record a brutal selloff due to President Trump’s tariffs. Data from CoinMarketCap shows that trading volumes have soared by more than 230% in 24 hours to $5.39 billion. This suggests that SOL has recorded billions of dollars in sell-side volumes.
This decline has led to SOL recording the second-highest number of liquidations among altcoins. Data from Coinglass shows that in the last 24 hours, more than $62M long positions on Solana were liquidated.
Despite this turbulence, a Solana whale remains optimistic that the Solana price could rebound. On-chain data shows that this address has staked 71,318 SOL, valued at over $7.63M, despite sitting at a loss.
At the same time, Helius Labs CEO noted that despite the dip, SOL was the most obvious bet amid the ongoing crypto market crash. He said,
“I’m not sure how much lower the general market goes… but it is the most obvious asymmetrical bet for anyone without a time horizon.”
Despite the optimism, other analysts speculate that the downtrend is not over yet, with a Solana price drop below $90 now looming.
Will Solana Crash Below $90 This Week?
Top crypto market analyst Jason Pizzino has stated that Solana price will likely crash below $90 this week. In his analysis, Pizzino noted that SOL is on the verge of a major correction like all top altcoins.
Given that Solana has already dropped below $100 for the first time in twelve months, the analyst observed that the next target was $80. Hitting this level could then spark a crash below $60. Such a dip will represent an over 80% decline.
Besides the bearish Solana price prediction by analysts, SOL is also headed for massive unlocks this week. Per Tokenomist, Solana will record 465,000 SOL unlocks, valued at more than $50M this week, which will trigger additional selling pressure.
Meanwhile, the crypto fear and greed index has plummeted to a monthly low of 23, indicating that most traders are in a state of extreme fear. This further supports the bearish outlook, as it might precede an unwillingness by traders to buy the current dip. This data indicates that Solana price can drop below $90 this week.
Frequently Asked Questions (FAQs)
Solana price is dropping today after investors dumped risk assets because of the ongoing US-China trade war and President Trump’s tariff policies.
Solana may drop below $90 this week after falling to a yearly low. The rising selling activity might fuel this dip.
Solana may recover from bearish trends if buying pressure resumes. Staking data also shows that whale addresses are accumulating SOL, which could precede a trend reversal.
muthoni
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience dissecting blockchain trends, price movements, and market dynamics. With a sharp eye for technical analysis and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content that helps investors navigate the fast-paced world of digital assets.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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