Solana Could Tank to $65, but There’s Still Hope

Coinspeaker
Solana Could Tank to $65, but There’s Still Hope

Solana (SOL) has experienced a notable dip in price, mirroring the broader cryptocurrency market sentiment as Bitcoin also faced selling pressure. Over the past 24 hours, SOL has shed almost 5% of its value, currently trading around $125.41 after touching a daily low of $123.72.

The price action puts the cryptocurrency in a crucial position, testing the 20-day Exponential Moving Average (EMA) at $123.90 as a support level. Maintaining price stability above this EMA is now critical for Solana’s immediate trajectory.

Adding to the concerns, prominent crypto analyst Ali Martinez has issued a bold prediction, suggesting that Solana could potentially fall to $65 in the near future.

Analyst’s $65 Prediction

Martinez pointed to a “right-angled ascending broadening pattern” on Solana’s price chart. The pattern is considered bearish, and a breakdown below the lower trendline (in this case, around the $127-$130 level) is a strong signal of further downward movement.

The typical target for such a pattern is estimated by measuring the vertical distance at the widest part of the pattern and projecting it downwards from the breakdown point.

For all we know, #Solana $SOL might be retesting the breakout zone from a right-angled ascending broadening pattern, with the $65 target still in play. pic.twitter.com/vujFJQWurz

— Ali (@ali_charts) April 16, 2025

In Martinez’s chart, the widest part of the wedge appears to be in the $165-$260 range, a difference of approximately $95. Projecting this $95 drop from the recent breakdown around $130 aligns closely with Martinez’s $65 target.

Hopium for SOL Investors

Real estate financing platform Janover has significantly increased its Solana holdings, purchasing an additional $10.5 million worth of SOL. This acquisition brings their total holdings to 163,651.7 SOL, valued at around $21.2 million.

Janover’s CEO expressed strong belief in the mass adoption of DeFi and announced plans to immediately stake their newly acquired Solana.

Meanwhile, leading Ethereum NFT marketplace OpenSea has begun offering Solana token trading to select beta users.

Solana token trading is now live on OS2 for some closed beta users & will be rolling out to more in the coming weeks.

This is a big milestone in our multi-chain journey. Solana has some of the most passionate users and builders in web3.

Coins first, NFTs coming later. Most… pic.twitter.com/Bj1Tka98Le

— OpenSea (@opensea) April 14, 2025

While currently limited, the platform plans to expand access and eventually reintroduce support for Solana NFTs. This integration could bring increased liquidity and exposure to Solana-based assets.

SOL Price Analysis

Data from Glassnode reveals a substantial cluster of Solana’s supply, over 32 million SOL (more than 5%), held at a cost basis around $129.79. This suggests strong investor interest and accumulation at this price level, which could act as significant support during future price declines.

Below $129, we see 18M $SOL (3%) at $117.99, while above, 27M $SOL (4.76%) sit at $144.54. In the short term, $144 could act as resistance and $117 as the lower bound of the price range with $129 serving as the key pivot zone: https://t.co/FKmrVaDfFR

— glassnode (@glassnode) April 15, 2025

Below this level, another 18 million SOL is held around $117.99. Glassnode suggests that $144 could act as resistance, while $117 might serve as the lower bound of the current price range, with $129 being a crucial pivot zone.

Meanwhile, the chart above shows that the Relative Strength Index (RSI) is hovering near the neutral 50 level. This suggests indecision in the market, with neither buyers nor sellers having a clear dominance at the moment.

The Balance of Power indicator, oscillating around the zero line, further reinforces this lack of strong directional bias in the immediate term.

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Solana Could Tank to $65, but There’s Still Hope