icon
icon
icon
icon
🏷️$300 Off
🏷️$300 Off

News /

Articles /

Solana Drops 15% in 24 Hours, XRP Liquidation Drives Market Sell-Off

Coin WorldTuesday, Apr 8, 2025 10:54 am ET
2min read

Solana (SOL) has experienced a significant price drop, falling below a crucial trading level for the first time in six months. Despite a brief recovery, the cryptocurrency remains bearish on the daily chart. This downturn has pushed several top altcoins into a critical bearish zone on a monthly scale, signaling a long-term sell. Most Solana-based tokens are also showing extreme bearishness in the mid-term, gradually reaching the bottom after months of decline.

Despite the heavy selling pressure over the past two months, Solana's bulls have managed to defend the $100 level, which it briefly lost. The daily chart indicates that selling has halted, and the market is taking a breath, with the price currently at $111. While buying pressure is weak, it has managed to register substantial gains in recent hours. If the bulls sustain this pressure, further gains can be expected. However, bears remain active on the short-term scale, and if they mount pressure again, Solana could resume selling at full speed. Yesterday’s low rejection suggests an exhaustion in selling, which could bring a small recovery before resuming drops.

Key levels to watch for Solana include the $100 support level. A fall below this level could lead to a drop to $95.26, with a probable collapse into the $90 region. On the upside, a further increase could allow recovery to $122.7, with higher levels for tests at $136.7 and $147.5. The current trend is bearish, with high volatility.

Solana's recent price movements have been influenced by broader market dynamics, including the liquidation of XRP positions. The XRP liquidation event saw over $65 million wiped out as the price dropped 15% in just 24 hours, falling from $2.15 to $1.77. This sharp move followed rising global trade tensions and led to long positions getting crushed. The bearish signal wasn’t just in price action—XRP’s trading volume spiked to nearly $10 billion, but it came with selling pressure, not demand. The token also broke below the key $2 support and slid under the 200-day EMA for the first time since November 2024. Unless it reclaims this level, another XRP liquidation could drag prices to $1.52, $1.09, or even as low as $0.38 if selling pressure continues.

Solana has shown signs of recovery, surging 13% over 24 hours and reclaiming the $100 level, trading near $108.80. This rebound comes after a period of significant volatility, with the cryptocurrency facing immediate resistance at its 20-day Exponential Moving Average. The recent price action has been characterized by sharp declines and quick corrections, with technical signals hinting at potential further gains. Despite the volatility, Solana's price has managed to hold above the $100 mark, indicating a level of resilience in the face of market pressures.

Analysts are cautious, predicting further downside as the recent breakdown invalidated short-term bullish setups. The price action shows an ABC corrective pattern nearing completion, with the current price hovering around $90. A short-term recovery to $105 is possible if bullish divergence on the RSI plays out, but this would likely be a temporary move. If the trend continues, SOL could drop further to $80 or even $70.48. A full reversal would only be considered if the price climbs back above $120, flipping resistance back into support. Until then, SOL remains in bearish territory.

Comments

Add a public comment...
Post
User avatar and name identifying the post author
Smurfsville
04/08
Market's like a yo-yo. Trade tensions pull the strings. Where's the stability in these crypto rollercoasters? 😅
0
Reply
User avatar and name identifying the post author
Blackhole1123
04/08
@Smurfsville Totally, crypto's a wild ride.
0
Reply
User avatar and name identifying the post author
OhShit__ItsDrTran
04/08
XRP liquidation was brutal, but opportunities lie ahead.
0
Reply
User avatar and name identifying the post author
rbrar33
04/08
Solana's dip ain't scary, just a paper hands moment.
0
Reply
User avatar and name identifying the post author
ServentOfReason
04/08
Bears are feasting on Solana. But hey, $100 hold is no joke. Resistance at 20-day EMA is interesting. What's your take?
0
Reply
User avatar and name identifying the post author
skilliard7
04/08
$SOL bouncing back nicely, but analysts say beware. That ABC corrective pattern's sneaky. Gotta stay alert in this game.
0
Reply
User avatar and name identifying the post author
SelectHuckleberrys
04/08
XRP liquidation was brutal. Watch out below $1.52, it's a slippery slope. Anyone still holding long on this?
0
Reply
User avatar and name identifying the post author
Virtual_Information3
04/08
@SelectHuckleberrys Still holding? Be careful.
0
Reply
User avatar and name identifying the post author
LarryFromNYC
04/08
@SelectHuckleberrys Totally agree, watch out!
0
Reply
User avatar and name identifying the post author
James___G
04/08
$SOL might test $100 support, then moon soon? 🤔
0
Reply
User avatar and name identifying the post author
AltruisticStorage110
04/08
@James___G Think $SOL can hit $150?
0
Reply
User avatar and name identifying the post author
Anklebreakers10
04/08
Altcoin bloodbath, but Solana's resilience is promising.
0
Reply
User avatar and name identifying the post author
user74729582
04/08
HODLing Solana, expecting a bounce after this dip.
0
Reply
User avatar and name identifying the post author
superbilliam
04/08
Solana's volatility is wild. Holding my bags tight, but thinking of averaging down. Anyone else riding this rollercoaster?
0
Reply
User avatar and name identifying the post author
HairyBallsOfTheGods
04/08
SOL bulls showing up, but bears still lurking. Watch that $100 level—crucial for the next move.
0
Reply
User avatar and name identifying the post author
Pushover112233
04/08
Market's volatile, but don't ignore bullish signals
0
Reply
User avatar and name identifying the post author
Argothaught
04/08
Wow!the block option data in MSTF stock saved me much money!
0
Reply
Disclaimer: The news articles available on this platform are generated in whole or in part by artificial intelligence and may not have been reviewed or fact checked by human editors. While we make reasonable efforts to ensure the quality and accuracy of the content, we make no representations or warranties, express or implied, as to the truthfulness, reliability, completeness, or timeliness of any information provided. It is your sole responsibility to independently verify any facts, statements, or claims prior to acting upon them. Ainvest Fintech Inc expressly disclaims all liability for any loss, damage, or harm arising from the use of or reliance on AI-generated content, including but not limited to direct, indirect, incidental, or consequential damages.
You Can Understand News Better with AI.
Whats the News impact on stock market?
Its impact is
fork
logo
AInvest
Aime Coplilot
Invest Smarter With AI Power.
Open App