SOL Plunge: Doom or Boom? 🤑

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Well, ain’t this a pickle? Solana (SOL), that rambunctious cryptocurrency, has taken a bit of a tumble, much like a fella slippin’ on a banana peel. Seems Bitcoin, that granddaddy of digital money, is feelin’ the pressure too. In the last day, SOL’s lost near 5% of its shine, now worth around $125.41 after hittin’ a low of $123.72. 📉

This here price dance puts SOL in a mighty precarious position, testin’ the 20-day Exponential Moving Average (EMA) at $123.90 as a crutch to lean on. If it can stay upright above this EMA, it might just have a chance to keep on truckin’.

But hold your horses! ‘Cause crypto analyst Ali Martinez has stirred the pot with a prediction as bold as a brass band. He reckons Solana could plummit to a measly $65 in the blink of an eye! 😲

Analyst’s $65 Prediction

Mr. Martinez, with his fancy charts and whatnot, points to a “right-angled ascending broadening pattern” on Solana’s price. Sounds like somethin’ a snake oil salesman would cook up, don’t it? Apparently, this pattern is bad news, suggestin’ the price is headed south faster than a snowball in July. A breakdown below the lower trendline, around $127-$130, is supposed to be a sure sign of more trouble.

The way they figure it, the target price is found by measurin’ the widest part of the pattern and droppin’ it down from the breakdown point. Sounds like a load of hocus pocus to me, but what do I know? 🤔

For all we know, #Solana $SOL might be retesting the breakout zone from a right-angled ascending broadening pattern, with the $65 target still in play.

— Ali (@ali_charts) April 16, 2025

In Martinez’s chart, the widest part of that wedge is somewhere between $165 and $260, which is about $95. So, they’re saying if you drop that $95 from the breakdown point around $130, you get close to his $65 target. Makes you wonder if they’re pullin’ numbers out of a hat! 🎩

Hopium for SOL Investors

Now, don’t go sellin’ your farm just yet! Real estate folks at Janover have gone and bought a heap of Solana, worth $10.5 million! That brings their stash to 163,651.7 SOL, valued at about $21.2 million. Maybe they know somethin’ we don’t? 🤷‍♂️

Janover’s CEO, bless his heart, says he believes in the mass adoption of DeFi and plans to stake their new Solana right away. Bless his heart.

And get this, OpenSea, the big-shot Ethereum NFT marketplace, has started offerin’ Solana token trading to some fancy beta users. Fancy that! 🧐

Solana token trading is now live on OS2 for some closed beta users & will be rolling out to more in the coming weeks.

This is a big milestone in our multi-chain journey. Solana has some of the most passionate users and builders in web3.

Coins first, NFTs coming later. Most…

— OpenSea (@opensea) April 14, 2025

For now, it’s just for a select few, but they’re plannin’ to open it up to more folks and even bring back Solana NFTs. Maybe this will give Solana a boost! 🚀

SOL Price Analysis

Now, the folks at Glassnode have been diggin’ around in the data and found that a whole mess of Solana, over 32 million SOL (that’s more than 5%), is held at a cost of around $129.79. That means folks are interested and buyin’ at that price, which could help keep it from sinkin’ too low.

Below $129, we see 18M $SOL (3%) at $117.99, while above, 27M $SOL (4.76%) sit at $144.54. In the short term, $144 could act as resistance and $117 as the lower bound of the price range with $129 serving as the key pivot zone:

— glassnode (@glassnode) April 15, 2025

Below that, there’s another 18 million SOL held around $117.99. Glassnode says $144 might be a tough nut to crack, while $117 could be the bottom of the barrel for now. $129? Well, that’s the place to watch! 👀

SOL Daily Chart | Source: TradingView

Meanwhile, the chart above shows that the Relative Strength Index (RSI) is sittin’ near the middle. This means folks can’t make up their minds whether to buy or sell. It’s like watchin’ a cat try to decide whether to chase a mouse or take a nap. 😼

The Balance of Power indicator, wobblin’ around the zero line, just goes to show that nobody’s got a strong feelin’ about where things are headed. So, buckle up, folks, it’s gonna be a bumpy ride! 🎢

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2025-04-16 20:27