Solana price continued its freefall this week and is on the verge of forming a death cross, as Polymarket traders bet it may crash to $80 soon.
Solana (SOL) was trading at $106 on Wednesday, down by over 60% from its highest level in January.
A Polymarket poll with over $2 million in assets estimates that SOL may drop to $80 in April, a further 25% decline from current levels. About 35% of participants expect the token to hit that price, while just 15% see it rising to $150.
Solana’s ecosystem has faced headwinds in recent months. According to CoinGecko, the total market cap of all memecoins on the network has plunged from over $30 billion in January to just $5.6 billion today.
Solana is also no longer the biggest player in the decentralized exchange industry, a title it held in the past few months. The total volume handled by protocols in the network in the last 30 days was $45 billion, lower than Ethereum’s $57.9 billion. Its top DEX protocols are Orca, Meteora, Pump, and Raydium.
Still, some positive developments have emerged. Janover, a NASDAQ-listed company, has begun accumulating SOL. It hopes to be the “MicroStrategy of Solana.” Also, Blackrock, the biggest asset manager, recently expanded its $1 billion BUIDL fund to the network.
Solana price technical analysis
Technical indicators point to further downside in the weeks ahead. On the daily chart, SOL has dropped from nearly $300 in January to just over $100 today. It has moved below the 61.8% Fibonacci retracement level—often considered the “golden ratio” where rebounds typically occur.
SOL price has also moved to the oversold point of the Murrey Math Lines, while the Relative Strength Index has formed a descending channel. The coin has dropped below the crucial support at $120, where it failed to move below since April last year.
The Average Directional Index has stayed above 23, signaling that the current downtrend remains strong. As a result, the price may continue falling, with the next target at the psychological level of $80. If that breaks, the next support lies at $70, the 78.6% Fibonacci retracement level.
A move back above the 50% retracement point at $150 would invalidate the current bearish outlook.
