Hey! Watch out for Solana; things are getting spicy 🔥. Analysts are seeing a storm on the horizon, and the million-dollar question is...
How far could the price of Solana fall and why? 📉🤔
The move is that, although Solana (SOL) had its moment and even broke the $200 barrier, it couldn't hold on and is now dancing on the edge of the abyss. Technical analysis experts, who are like the market's meteorologists, say the signals are not good. There's a downward trend line dominating the game, and if there isn't a drastic turnaround, the price of SOL could fall sharply.
A key analyst, Parshwa Turakhiya, is very clear: if Solana fails to surpass the $174 mark, the risk is that it could collapse to the $144 to $150 zone. Imagine, it's like a psychological barrier where people are willing to buy. If it breaks, goodbye to the party. The pressure from sellers is so strong that the price is staying below the exponential moving averages (the famous EMAs), which are like the market's alarms.
But not everything is drama; there are factors that could change the course. The news is not just about the price of a crypto; it's about a global market that moves everything. The macroeconomic context, geopolitical tensions (with those new tariffs and the nuclear submarine move), and the SEC's decision on Solana's ETFs are the pieces of this game. If the SEC approves the ETFs, it could be the push it needs to rise. And not to mention that more and more companies are buying SOL for their treasuries, giving it a huge backing and potentially turning it into a reserve asset.
So, is a drop coming or will a miracle save it? The market is on a thread, and the next few days will be crucial. Stay tuned, because Solana's fate could set the path for other cryptos.