Solana's Price Plunge: Binance's Massive Selloff Sparks Concern

Solana's price has been a subject of concern recently, with a significant dip to around $100,000, sparking worries among investors and traders. The crypto industry has been experiencing a severe slump, with the total market capitalization plummeting to $3.13 trillion, a decline of 0.84%. Top assets, including Solana, have witnessed substantial losses, with the SOL price decreasing by more than 35% over the last 30 days.

Notably, Solana's current dip is driven by Binance's massive SOL selloff. Analysts predict that the SOL price could further plunge to $100, given the current trading conditions. The token is now trading below $160, and there is a possibility that the SOL price could fall to $100. However, if Solana breaks past the critical support level of $154, it could reach a significant high of $340.

In a surprising development, crypto exchange Binance has been dumping massive amounts of Solana over the last few hours. Through Wintermute, Binance sold about 100,000 SOL, worth around $15.6 million, fueling concerns within the community. While the community is drawn between the thoughts of a possible bullish rally or an imminent bearish turn, Binance's intention remains unclear. Their move is undoubtedly precautionary or a harbinger of something, which could be the onset of a bear market or another massive breakout that could propel the SOL price to outstanding records.

Traders and investors are exercising caution as Solana teeters around its crucial support level of approximately $157. The token's success or failure in maintaining this level will likely define the future of the SOL price. However, if the SEC approves the Solana ETF, it could significantly push the SOL price to new heights.

As identified by many analysts, $157 marks a major support for SOL price. As Solana hovers around the level, there are two possible scenarios. The token could either break past the point or slip below the mark. If SOL can stay above $157, it might indicate a positive future for the price. But if SOL falls below $157, it could lead to a significant decline.

As of press time, Sol