Solana Faces Potential 50% Plunge to $104 as Bearish Pattern Emerges

Solana's technical setup flashes warning signs as larger bearish trend threatens dramatic downside.

Technical Breakdown: The Chart Speaks Volumes

SOL's current formation suggests mounting pressure that could trigger significant liquidation events. Market structure shows weakening support levels that previously held strong during earlier corrections.

The $104 Target: Why This Number Matters

Technical analysis points to this critical level representing a confluence of historical support and Fibonacci retracement zones. A break below current ranges would open the path toward this substantial correction—because nothing says 'decentralized future' like watching your portfolio get halved by lines on a chart.

Market Sentiment Shifts as Bears Take Control

Trading volumes and derivatives data indicate growing bearish positioning among institutional and retail traders alike. The potential 50% decline reflects both technical projections and shifting risk appetite across crypto markets.

While the pattern appears concerning, remember that in crypto, today's catastrophic prediction often becomes tomorrow's buying opportunity—right after the traditional finance crowd finishes their 'I told you so' victory laps.

Friday’s Crash Was Only Confirmation Of Bearish Pattern For Solana Price

While the broader market thinks that the October 10 crash has come and gone, leaving the market in a more bullish state, one analyst deviates from this and believes that this has actually set the solana price on a more bearish path to more declines.

According to an analysis shared on the TradingView website, crypto analyst Klejdi Cuni shows that the solana price actually confirmed a larger bearish pattern after the crash triggered by Donald Trump’s 100% tariff comments on China. As a result, the entire bearish trend is yet to actually play out.

Not only is the Solana price already on track for more corrections, but it is also further at risk as the Bitcoin price struggles to hold up. After initially recovering, the Bitcoin price has since been on a slow decline, and altcoins such as Solana have been affected as well.

With the bitcoin price already struggling, the analyst believes that the Solana price is already looking at a decline to at least $170. However, in the event that the entire bearish narrative does play out, then the Solana price is at risk of crashing 50% to $104.

SOL ETFs Could Change The Narrative

Amid the expected bear pressure, there is still the topic of pending Solana ETF applications that could change the entire narrative. Data from The Block website shows a total of 11 Solana ETFs that are pending a decision from the Securities and Exchange Commission (SEC).

If these Solana ETFs are approved for trading, it could trigger a large influx of institutional liquidity into the altcoin. Just like the trend seen with the Bitcoin and ethereum ETFs, this could lead to a surge in the Solana price, effectively eliminating the bears from the table.

At the time of writing, the Solana price was still trending above $200. However, with the Bitcoin price skirting around $111,000, it is possible that the altcoin could suffer a crash below $200 before finding its footing once again.