Some folks are betting it’ll break above $100 soon, but honestly, the setup doesn’t exactly inspire confidence.
Let’s look at the numbers—Solana’s down almost 70% since its peak back in January ($295.91). DEX volumes took a nosedive too, plunging from $118 billion to barely $50 billion in a week. That’s a wild drop that shows people aren’t exactly rushing to trade on-chain.
Bulls keep talking up the Alpenglow upgrade and its promises of super-fast finality, but right now, the price is limping along—pretty much drained. If SOL drops below $80, things could get ugly fast. We’d see a bearish head-and-shoulders pattern finishing on the 3-day chart, which isn’t exactly what anyone wants.
On-chain data paints a risky picture. Money’s moving out of majors like SOL and heading toward the crazy speculative stuff. With the Fed sitting on a policy meeting, everyone’s asking the same thing: Are we seeing SOL’s bottom here, or is this just a little pause before it keeps sliding down to $59? The tension’s real.
image www.unsplash.com