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SOL Bleeds Out: From Hype to Fear — Double-Digit Danger Zone
As the cryptocurrency market continues to experience a downturn, Solana’s price has taken a sharp turn for the worse. The token has plummeted below $100, marking a significant decline since February 2024. As the situation unfolds, trading volumes have surged by an astonishing 320.74% amid broader market selloff and uncertainty.
The recent turmoil has led to the liquidation of over $62 million in long positions on Solana, revealing the stark risks associated with leveraged trading during periods of extreme volatility. In light of this development, many investors are left wondering about the future prospects of the platform.
On the one hand, there are those who remain steadfast in their support for Solana. Helius Labs CEO Mert Mumtaz has expressed his confidence in the token’s long-term potential, citing its unique blend of retail and institutional adoption, as well as impending upgrades expected in 2025. He views SOL as the most “obvious asymmetrical bet” for investors with a one-year-plus investment horizon.
On the other hand, crypto analyst Jason Pizzino has sounded a cautionary note. According to his analysis, Solana’s current price action suggests that further declines are imminent. His projection is that the token could potentially drop as low as $80 or even $60, which would be a staggering 20% and 40% correction respectively.
Given the precarious nature of Solana’s situation, it appears that the coming weeks will prove crucial in determining whether the platform can recover from this downturn or if further declines are in store.
Source: https://cryptotale.org/sol-bleeds-out-from-hype-to-fear-double-digit-danger-zone/
