Solana Faces Critical Crossroads as Analysts Warn of Potential 75% Price Crash The crypto market is on edge as Solana (SOL) navigates a crucial support zone, with a prominent analyst issuing a stark warning about a potential major price breakdown. Investors are left pondering whether the highly anticipated "Solana season" will materialize or if the altcoin is headed for a significant correction.
Bearish Clouds Gather Over Solana
After a turbulent week, Solana has struggled to maintain momentum, recently dipping below the $180 support level and retesting earlier lows around $168. Despite a brief attempt to reclaim the $210 resistance, market volatility has seen SOL lose the $200 threshold once again. Analyst Crypto Bullet paints a decidedly bearish picture, forecasting a staggering 75% crash from current prices. His analysis suggests that Solana completed a 5-wave impulse to its all-time high of $293 in January, and is now deeply entrenched in an ABC corrective wave pattern. He warns that the 'B' wave may be concluding, setting the stage for a "most painful wave down (C)" that could see SOL plummet towards a $40 target. Adding to the apprehension, analyst Ted Pillows highlighted concerns over Solana treasury companies experiencing a "free fall" and a halt in institutional bidding, predicting a difficult recovery for SOL until these underlying issues stabilize.
Glimmers of Hope Amidst the Downturn
Despite the dire predictions, not all market watchers share the same pessimistic outlook. Some analysts believe that a bullish scenario for Solana remains viable. "Man of Bitcoin" suggests that SOL's price is potentially forming a "1-2 setup" which, if confirmed, could propel the price back to the $200-$210 range. This optimistic forecast hinges on Solana successfully holding the critical $170 support level. Similarly, Crypto Yapper observed Solana retesting a double support in the daily chart, a technical pattern that could trigger a 15-20% bounce. As of writing, SOL is trading at $182, marking a 12.6% decline in the daily timeframe, emphasizing the delicate balance between these conflicting market signals. The coming days will be critical in determining if Solana can defend key support areas and ward off the forecasted deeper correction.
