Solana (SOL) might be in trouble. A top crypto analyst warns that the popular layer-1 blockchain could face a massive 39% price drop. If SOL fails to hold a key support level, things could get ugly fast.
Solana Must Hold $191—Or Else
Crypto strategist Ali Martinez issued a warning to his 122,400 followers on X. He pointed out that Solana is still within an ascending parallel channel. This pattern usually signals an uptrend. But there’s a catch.
If SOL drops below $191, Martinez predicts a steep decline to $138. That would erase months of gains and put SOL at its lowest levels since October 2024.
At the time of writing, SOL is trading at $197. The risk of a breakdown looms large.
XRP and Dogecoin Whales Are Selling Big
Solana isn’t the only token under pressure. Whales are making big moves in the market, and not in a good way.
Martinez highlighted that massive amounts of XRP and Dogecoin (DOGE) were dumped in the past 24 hours.
- XRP: Over 130 million XRP sold by whales in a single day. The price has dropped 20% to $2.24.
- Dogecoin: Large investors offloaded 270 million DOGE in 24 hours. DOGE is now down 22%, trading at $0.227.
The sudden sell-offs suggest that major holders are taking profits—or preparing for a market downturn.
What’s Next for Solana?
The next few days are crucial. If Solana holds above $191, it could maintain its bullish trend. But if that level breaks, a sharp correction to $138 seems likely.
Traders should watch the charts closely. SOL bulls need to defend key levels, or this could turn into a major sell-off.
Stay tuned for updates as the market reacts!