The crypto industry has plunged into another severe slump, with its total market capitalization plummeting to $3.13 trillion- a decline of 0.84%. As a result, top assets are witnessing substantial losses. In line with the trend, Solana has experienced severe declines, with the SOL price decreasing by more than 35% over the last 30 days.
Notably, Solana’s current dip is driven by Binance’s massive SOL selloff. Adding to the momentum, analysts predict that the SOL price could further plunge to $100.
Will SOL Price Plummet to $100? Here’s What You Should Know
Currently, Solana is trading in the red zone, marking a decline of 6.69% in a day. As the token is now trading below $160, there is a possibility that the SOL price could fall to $100. For instance, analyst Crypto Beast alerted investors and traders against Solana’s potential slip to $100 via his X post.
Notably, $154 is identified as a critical support level for the SOL price. If Solana breaks past the level, SOL could reach a significant high of $340. However, as per the prevailing sentiment, a failure to maintain the support level is more likely, which could pull the price down to $100.
What Does Binance’s SOL Dump Signify?
In a surprising development, crypto exchange Binance has been dumping massive amounts of Solana over the last few hours. Through Wintermute, Binance sold about 100,000 SOL, worth around $15.6 million, fueling concerns within the community. While the community is drawn between the thoughts of a possible bullish rally or an imminent bearish turn, analyst Crypto Jessica wrote, “Does this massive withdrawal signal bullish confidence or preparation for a market shift in Solana?”
Though Binance’s intention is unclear, their move is undoubtedly precautionary or a harbinger of something. Perhaps it could be the onset of a bear market or another massive breakout that could propel the SOL price to outstanding records.
Traders and investors are exercising caution as Solana teeters around its crucial support level of approximately $157. The token’s success or failure in maintaining this level will likely define the future of the SOL price. However, if the SEC approves the Solana ETF, it could significantly push the SOL price to new heights.
Will SOL Price Surge Past $157 to Escape the Bearish Pressure?
As identified by many analysts, $157 marks a major support for SOL price. As Solana hovers around the level, there are two possible scenarios. The token could either break past the point or slip below the mark.
If SOL can stay above $157, it might indicate a positive future for the price. But if SOL falls below $157, it could lead to a significant decline.
As of press time, Solana is trading at $158.72, marking a weekly decline of 14.54% and a monthly dip of 36.64%. Despite the dip, traders are increasingly involved in the market activity, which is evident by the staggering 144% surge in the trading volume. Boasting a volume of $3.73 billion, Solana is ranked 6th on CoinMarketCap, with a market cap of $77.84 billion.
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