Solana’s Descent: Is the $90 Abyss Inevitable? 😱💸

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On this fateful day, April 7, 2025, the price of Solana plummets like a stone cast into the depths of despair, crashing by a staggering 18% to fall below the $100 threshold for the first time since the bleak winter of February 2024. Traders, those brave souls, now find themselves in a state of existential dread, pondering the depths of the abyss that may lie beneath—could a sub-$90 plunge be lurking just around the corner? 🤔

Solana Price In Freefall Amid Intense Selloff

As the clock ticks, Solana trades at a mere $97, a casualty of a brutal selloff spurred by the whims of President Trump’s tariffs. The data from CoinMarketCap reveals a shocking surge in trading volumes, soaring over 230% in just 24 hours to a staggering $5.39 billion. One can only wonder, how many billions have been sacrificed on the altar of sell-side volumes? 💰

This catastrophic decline has led to Solana recording the second-highest number of liquidations among altcoins. Coinglass reports that in the last 24 hours, over $62 million in long positions have been liquidated. A veritable bloodbath! 🩸

Yet, amidst this chaos, a solitary Solana whale clings to optimism, believing in a potential rebound. On-chain data reveals that this address has staked 71,318 SOL, valued at over $7.63 million, even as it languishes in the depths of loss. A true testament to hope in the face of despair! 🐋

Meanwhile, the CEO of Helius Labs, in a moment of clarity, remarked that despite the current dip, SOL remains the most obvious bet in this ongoing crypto market crash. He boldly stated,

“I’m not sure how much lower the general market goes… but it is the most obvious asymmetrical bet for anyone without a time horizon.”

However, the winds of caution blow strong, as other analysts whisper of a downtrend that is far from over, with the specter of a Solana price drop below $90 looming ominously. 😬

Will Solana Crash Below $90 This Week?

Top crypto market analyst Jason Pizzino has boldly proclaimed that Solana’s price is likely to crash below $90 this week. In his analysis, he notes that SOL teeters on the brink of a major correction, much like its fellow altcoins. The next target, he observes, is a grim $80. Should this level be breached, a catastrophic plunge below $60 could follow, marking an over 80% decline. The end is nigh! 📉

In addition to the bearish predictions, SOL faces massive unlocks this week. According to Tokenomist, Solana will see 465,000 SOL unlocks, valued at more than $50 million, which will undoubtedly trigger further selling pressure. The storm is brewing! ⛈️

Meanwhile, the crypto fear and greed index has plummeted to a dismal monthly low of 23, indicating that traders are gripped by extreme fear. This sentiment only reinforces the bearish outlook, as it may lead to an unwillingness to buy the current dip. The data suggests that a drop below $90 is not just possible, but perhaps inevitable. 😱

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2025-04-07 11:33