Solana's Price Plummets 18% in 24 Hours, Trading Volume Surges 230%

Solana's price experienced a significant decline this week, dropping by 18% within 24 hours and falling below $100 for the first time since early 2024. This abrupt crash was triggered by widespread sell-offs across the crypto market, partly due to monetary concerns following newly imposed tariffs. The rapid downturn has raised concerns among investors about potential further declines, with the key $90 support level at risk in the coming days.

This dramatic price movement was accompanied by a 230% surge in Solana’s 24-hour trading volume, reaching $5.39 billion. This substantial increase suggests a panic-driven selloff rather than typical market activity. Additionally, over $62 million in Solana’s long positions were liquidated, making it the second-most liquidated altcoin during that period. The heightened volatility and uncertainty have led to questions about how low SOL could fall if the market momentum does not reverse soon.

Despite the sharp decline, some investors remain optimistic. A notable whale has staked 71,318 SOL, valued at over $7.63 million, even though it is currently at a loss. This move indicates that some large holders still see long-term potential in Solana and may be taking advantage of the price dip. Such actions from whales offer a contrasting signal, suggesting confidence in a rebound despite near-term market instability.

Adding to this optimism, the CEO of Helius Labs described Solana as “the most obvious asymmetrical bet” for those without a strict time horizon. This support highlights that some buyers still consider Solana’s fundamentals even during the market chaos. However, others are more skeptical. With the current trend showing steep losses, many market participants have adopted a wait-and-see approach. The difference between long-term convictions and short-term concerns continues to shape investor behavior during this downturn.

Renowned crypto analyst Jason Pizzino has expressed concerns that a deeper Solana crash may be underway. According to his latest forecast, the Solana price could soon dip below $90 and might even approach $80. This would represent an over 80% decline from its peak levels, underscoring the severity of the market correction. With SOL already trading near year-long lows, these bearish predictions are gaining traction among cautious investors.

Further intensifying the pressure is an upcoming unlock of 465,000 SOL, valued at over $50 million. Scheduled for one week, this token liberation could unleash a new wave of selling pressure as the market shifts from volatility. Historically, token unlocks have often led to downward moves, particularly when investor sentiment is low. If selling accelerates around the unlock event, it could act as a catalyst for a prolonged downtrend in Solana’s price in the short term.

The recent fall in Solana’s price has raised serious questions about its trajectory. With the upcoming token unlocks and market-wide anxiety, the possibility of a deeper Solana crash remains. However, some stakeholders continue to maintain faith in their long-term outlook, as evidenced by the current high-value staking activity. Whether these actions will help stabilize the asset or delay the inevitable is yet to be determined. Moving forward, investors should closely monitor upcoming unlock events, trading volumes, and sentiment indices. These elements offer clear indicators on whether the $90 support level holds or breaks.