Solana Price Forecast – SOL Could Drop to $100 If Critical Support Gives Way

Highlights:

• Solana is trending towards the $128.67 support intra-day
• Crash through the $128.67 support could see Solana drop to $100 soon
• Decline in memecoin activity fueling Solana selloff

Solana (SOL) has shown signs of recovery today. This follows one of the most profound corrections it sustained recently. Currently, Solana is trading at $140.12, which is a slight recovery of 1.32% intra-day. This recovery is small but is coming from higher investor participation, as Solana’s daily trading volume increased by 14% to $5.32 billion.

Solana’s growing trading volume suggests renewed interest in the token. Nevertheless, Solana is under pressure and still needs to make up for lost ground after a harsh week in the cryptocurrency market.

Solana Price Hit By Marketwide Selloff and Drops to 5-Month Low

This week, the entire cryptocurrency ecosystem has taken a hit, and Solana has been one of the biggest losers compared to other major cryptocurrencies. Throughout the past week, Bitcoin’s value decreased by 12%, while Solana crashed by 22%, which makes Solana one of the worst-performing cryptocurrencies with a high market cap.

Solana’s steep decline has brought the token to a five-month low, which has caused many investors to lose confidence and has tested important support prices between $140 and $120.

JUST IN: The #Bitcoin Fear and Greed Index is now at 10, the lowest since 2022 👀

BUY THE DIP ✊ pic.twitter.com/yBh25eN5gj

— Bitcoin Magazine (@BitcoinMagazine) February 27, 2025

Impact of ByBit Hack Hitting Solana and Other Cryptocurrencies Hard

Traders were left in shock after the ByBit hack last week, which saw billions in Ethereum lost. While this has nothing to do with Solana, it adds to fears of the risks that cryptocurrencies face. This has seen risk-averse investors take a backseat to the market. Adding to investor fears are Trump’s new tariff proposals, which are damaging market optimism, including Solana.

Scandals Involving Memecoins Adding to Solana Selloff

Memecoins have been a key driver of Solana’s value growth in recent months. However, there is growing pessimism around them, and this is hitting Solana hard. That’s mainly because a lot of them are scams. One of the biggest scams involved the $LIBRA memecoin. LIBRA was heavily endorsed by Argentine President Javier Milei, who claimed that it could help boost the economy.

How a Meme Coin Used Argentina’s President to Pump & Dump Millions

A meme coin backed by political influence, insider trading, and market manipulation—this is the story of $LIBRA.

How did Hayden Davis exploit Argentina’s government to pump millions.🧵👇 pic.twitter.com/VpcfmyCx3E

— Taha (TheBrownCowboy) | $DOG 🤝 $VINE (@tahaabbasi) February 24, 2025

At its peak, the token reached a market capitalization of $5 billion only to have its value plummet to zero, leaving many angry and demanding change from regulators. It has also cast a negative image over Solana’s role in the memecoin market.

Zach Pandl, head of research at Grayscale, believes that the recent memecoin boom on Solana is coming to an end. “The current phase of memecoin trading on Solana is over,” he said, explaining that even though memecoins will always exist in the crypto world, their impact on Solana, at least for the next few years, is bound to lessen.

Technical Analysis – Solana Price Trending Towards Critical Support

Analysts are watching SOL’s key support levels. Solana is trading in a broad range between the $253.22 resistance and $128.67 support.

A breach of the $128.67 support could trigger a drop in prices as low as $100. Regardless of these risks, optimism for Solana remains non-defeated. Crypto analysts expect Solana to invest significantly once the market begins to improve, with some predicting a sharp rise to $500 or above during the next alt season.

Recap

Despite the current price drop, Solana remains a core participant in the crypto space. Its strong investor community, coupled with advanced, efficient blockchain technology and a developer-friendly ecosystem, places the crypto asset ahead in the race. Although Solana is battling short-term challenges, the long-term signals suggest that it could emerge stronger once the market begins to stabilize.