Solana's Price Crashes 15% to $116.35 Amid Broader Market Downturn

Solana's price is currently facing significant downward pressure, with the cryptocurrency market experiencing a broader crash. The bearish sentiment in the financial market, exacerbated by recent tariff announcements, has led to a decline in the value of Solana (SOL) and other assets. The altcoin has seen a 61% drop from its all-time high, which was reached just two months ago. This decline is attributed to the waning interest in meme coins and a general decrease in investor activity on the blockchain.

The intensity of the downtrend has increased, with Solana's price crashing by 15% to a month's low of $116.35. The bearish sentiment among investors has resulted in a prolonged downtrend for Solana, with the altcoin moving below the crucial support level of $120. This has raised concerns about a potential crash to $90, as predicted by crypto analyst XO. Other analysts also forecast a similar outcome, with the majority expecting the price to drop to $90 or lower. This prediction is based on the formation of a bearish triangle on the altcoin's chart, which could result in a crash to as low as $58 if the downtrend continues.

However, there is also a possibility of recovery if the token regains the $118 support level. Experts believe that this level is an accumulation zone, where buyers' dominance could push the SOL price to $1000 in the long term. This prediction is contingent on the approval of a SOL ETF by the SEC or the disclosure of Solana holdings by the U.S. government. The downtrend in Solana's price began with the loss of hype around meme coins and a decline in investor activity on the blockchain. The key support levels for recovery are $118, and experts believe that crossing this level could initiate an uptrend.

Investors are advised to monitor the SOL price and macroeconomic events closely, as the bearish sentiments remain high. The concerns for Solana are higher than for other cryptocurrencies, including Bitcoin, due to the declining interest and bearish market sentiments. Analysts anticipate a decline to as low as $58 if the downtrend persists. The key support levels for recovery are $118, and experts believe that crossing this level could initiate an uptrend. Investors should monitor the SOL price and macroeconomic events closely, as the bearish sentiments remain high.