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.
Token Unlocks
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.
Solana Price Chart
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.
The post Solana Price in Freefall: Will SOL Crash Below $90 This Week? appeared first on CoinGape.
