Solana’s native token has been underperforming during the persistent bear market, but some analysts view the current levels as great buying opportunities.
Others believe the asset is at a critical turning point, suggesting that a further 30% crash is not out of the question.
More Bleeding?
SOL has been in a major decline lately, with X user WIZZ noting that it has logged nine consecutive red months and is at risk of closing a tenth – something unseen in its history. Ivan on Tech said people should respect the trend and take it as a warning that the price could slip further in the near future.
As of this writing, it trades at around $74 or very close to the $73.75 mark, which the popular analyst Ali Martinez labeled a “make-or-break” moment. He outlined that more than 50 million SOL were bought around that level, making it the most critical support on the map. Martinez thinks that a sustained close under the key zone might trigger additional selling pressure, with $60 becoming the next major downside target.
“Below that, there is little meaningful support until $50,” he added.
Shortly after, the analyst claimed that SOL has lost its rising channel, arguing that if bears maintain control, the price could move south toward $60.
The waning institutional interest also signals that the token may experience a further pullback. SoSoValue’s data show that spot SOL ETFs remain unattractive to pension funds, hedge funds, and other investors. In fact, the daily total net inflow for July 28 dropped to -$18.07 million, the largest single-day red candle since December last year.
Time to Buy?
Others remain predominantly optimistic despite the ongoing depression. X user Crypto Zenkai opined that buying SOL at its current level below $80 is like investing in BTC in 2010. Their post drew mixed reactions, with many commentators saying the comparison was inappropriate.
Lucky is also among the bulls. The X user, who has almost 2 million followers, first wondered whether SOL’s plunge under $75 is “a juicy dip” that could be followed by a potential rally to roughly $160. Later on, the analyst called the asset a “go-to pick” for the next six months, grouping it together with ETH, LINK, TAO, and SUI.
Source: CryptoPotato
