Key Notes
- Solana’s selloff pushed it behind USDC’s $60 billion market cap.
- Whales are dumping SOL as the FUD dominates the market.
- Analysts expect a price bounce before SOL plunges further.
Solana SOL $104.6 24h volatility: 5.1% Market cap: $53.93 B Vol. 24h: $6.89 B , once the fifth-largest digital asset ahead of BNB BNB $553.6 24h volatility: 1.4% Market cap: $80.75 B Vol. 24h: $1.08 B and USDC, surrendered the sixth spot to the second-largest stablecoin as intense selling pressure wiped over 60% of its value in three months.
The downward pressure comes as both whales and retail investors started to sell SOL after US President Donald Trump announced reciprocal tariffs on most of the world countries, including major economies.
According to data from Lookonchain, two whale addresses sold over $26 million in SOL tokens on April 8 and 9. Large selling volumes have proven to have a sudden impact on an asset’s price, especially when the market is wandering in fear, uncertainty, and doubt (FUD).
Whales are dumping $SOL !
4W1Ree unstaked 159,028 $SOL ($16.5M) and sold 60,000 $SOL ($6.13M) at $102 4 hours ago.
5cPair sold 89,734 $SOL ($9.67M) at $108 14 hours ago. https://t.co/i2sVNng50n https://t.co/hJwIowTBPl pic.twitter.com/XLhXsLxHft
— Lookonchain (@lookonchain) April 9, 2025
This brought Solana to the seventh spot among the leading cryptocurrencies with a market cap of roughly $55 billion.
SOL has been moving between $100 and $111 over the past day. The token is currently trading at $107.
Solana saw $19.6 million in liquidations, $12.6 million longs and $7 million shorts, due to the whale selloff and overall bearish sentiment in the market.
Can Solana (SOL) Recover?
Solana has already lost 64% of its value from its all-time high of $294 in mid-January. The asset ranked fifth with a market cap of $140 billion at its peak.
Crypto analyst Ted Pillows believes that Solana is seeing a price pattern similar to Q3 2023 when SOL started its bull run from a local low of around $20.
$SOL just bounced back from its multi-year support trendline.
Last time Solana retested this was in Q3 2023, and SOL pulled 1,000% after that.
Will something similar happen again? pic.twitter.com/52DbEuvrvx
— Ted (@TedPillows) April 8, 2025
Another analyst on X, known as CryptoBullet, shared a chart suggesting that Solana’s price might see the head and shoulder pattern. The analyst expects SOL to reach the $200 mark before seeing a massive correction below the $50 zone.
$SOL 1D chart
Well, $SOL broke the August 5 low 📉
Now #Solana is officially cooked. Even solana moonboys can’t deny that
What’s next? I’m still expecting a good mid-term bounce to ~$200 (Lower High) and then wave C ($30-40) https://t.co/R9bgqZNLNw pic.twitter.com/2eg8ojkEvT
— CryptoBullet (@CryptoBullet1) April 8, 2025
The crypto market is currently unpredictable due to the macro and micro uncertainty triggered by the global tariff war.
Many factors like the Bitcoin BTC $76 435 24h volatility: 3.8% Market cap: $1.52 T Vol. 24h: $57.87 B market cap ratio against its realized cap suggest that the bull run is already over and a bear market would be expected for around six months.
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