Solana Plunges 25% in a Week, Tests $130 Support

Solana (SOL) price has been on a downward trajectory, dropping to $130 on Friday, following a 25% decline over the previous week. This trend aligns with the broader crypto market, where Bitcoin has slipped below $80k, and over $870 million in crypto positions have been liquidated in the past 24 hours. Analysts are now speculating whether Solana could decline further and potentially test the $70 support level as SOL faces a macro trend shift.

Crypto Expert Ali shared an X post suggesting that the Solana price is undergoing a macro trend shift, signaling a potential change in its long-term market direction. Traders use the Supertrend indicator to determine trend direction from price action and volatility, as well as to detect this shift. The analyst states that this bearish indicator change suggests possible future market declines. In Solana’s case, the indicator has switched to a sell mode, reinforcing the bearish sentiment. Additionally, the second chart shows Solana struggling below key resistance levels at $150 and $160, indicating continued weakness. The continued downtrend will trigger two successive significant levels of support at $100 followed by $70. A Solana price prediction recovery above $150 acts as the essential point where bullish traders should watch because it suggests a reversal in trend.

According to Whale Alert, a significant Solana transaction was detected, with 500,000 SOL valued at approximately $64.4 million being transferred. The movement originated from the Bybit exchange and was sent to an unidentified wallet. The transaction occurred on Feb 28, 2025, with a minimal fee of 0.00041 SOL. Whale activity points to persistent accumulation patterns despite current market uncertainties. Significant transactions at this level confirm that the Solana community stays committed, demonstrating lasting faith in the project’s future success. Large movements of capital to private wallets serve as an indicator of strategic investment instead of liquidation.

Solana price has experienced a notable decline since reaching its ATH of $295 on Jan 19 2025. Over the past seven days, the SOL price saw a notable crash of nearly 25%. The top altcoin is hovering below $130 support level, and if the downward trend persists, it may test the next support level