SOL fell below $100 for the first time since February 2024 and is now ranked 7th in market cap with a $52.17 billion valuation.
Solana SOL $134.0 24h volatility: 1.4% Market cap: $71.15 B Vol. 24h: $5.65 B plunged more than 16% on Monday, falling below the psychologically critical $100 mark for the first time since February last year.
The sharp decline comes amid a major sell-off in risk assets following trade tensions spurred by US President Donald Trump’s tariff policies. At the time of writing, SOL is trading just above $100, having shed 40% in value over the past year.
The steep drop has seen Solana slide to the 7th spot in the cryptocurrency rankings by market cap, with its total valuation dropping to around $52.17 billion. According to CoinMarketCap, 24-hour trading volumes increased by 290%, suggesting panic-driven exits across the board.
Data from CoinGlass highlights that more than $64 million worth of long positions on SOL were liquidated in the past 24 hours alone.
SOL Price Outlook
On the 4-hour SOL price chart, the Bollinger Bands are expanding downward, with the price sharply deviating below the lower band. This suggests heightened volatility and an oversold condition, implying that the token could see a short-term bounce.
Source: TradingView
The RSI sits around 30, further indicating oversold territory. While this confirms bearish pressure, it also suggests a possible reversal if buying interest returns. Investors could face resistance near $108, with a breakout above that could potentially lead to $120.
Meanwhile, the MACD indicator shows a wide bearish crossover with the MACD line well below the signal line, confirming the ongoing downtrend. If SOL continues to see selling pressure, key support lies at $92 and then around the $88 level.
Source: TradingView
Analysts on X remain divided: some argue the current dip is a prime buying opportunity, while others warn of a breach to $90 level.
If you liked $Sol at $200, you’re gonna love it at $90 pic.twitter.com/mYt0jxgM0T
— CryptoYakuza (@kryptoYakuza) April 6, 2025
Long-Term Confidence Persists
Despite the market turmoil, one Solana user has made headlines for staking $0.05 worth of SOL for a jaw-dropping 3,000 years. According to Arkham Intelligence, the stake will be unlocked in the year 5138, a move seen as a symbol of confidence in Solana’s future.
In 2023, someone staked $0.05 of SOL for the next 3000 years.
It unlocks in the year 5138.
That’s Long Term thinking. pic.twitter.com/X6jo1JOfte
— Arkham (@arkham) April 5, 2025
A whale recently staked 71,318 SOL, over $7.6 million, despite facing unrealized losses. Notably, a January forecast by Bitwise projects Solana’s price could skyrocket to as high as $6,000 by 2030.
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