Solana is trading at its lowest levels since September 2024, with extreme fear and selling pressure dominating the market. Since breaking its all-time high in January, SOL has retraced over 55%, leaving bulls struggling to regain momentum. The broader crypto market is facing a period of uncertainty, and Solana has been one of the hardest-hit altcoins in recent weeks.
Bears have remained in control, consistently driving prices lower as investors lose confidence. The once-thriving meme coin speculation that fueled Solana’s rally has now turned into a major headwind, accelerating the selloff and preventing a stable recovery. Analysts believe further declines could be on the horizon, especially if SOL fails to reclaim key support levels.
Top analyst Jelle shared a technical analysis on X, noting that Solana has broken below a crucial demand level, signaling increased risk of additional downside. According to Jelle, SOL’s current price structure suggests that bears still ha
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