Solana (SOL) Price Prediction: Is a Crash to $58 Imminent as the Crypto Market Crash Intensifies?

Solana price is on the verge of the biggest collapse as the crypto market crash intensifies. With Donald Trump's tariff announcement, the bearish sentiments remain dominant in the financial market, affecting assets like Solana (SOL) and others.

Solana (SOL) price is on the verge of the biggest collapse as the crypto market crash intensifies with Donald Trump’s tariff announcement.

Announced earlier today, former U.S. President Donald Trump has announced a 10% tariff on several goods from France, Spain, and the U.S. This is in retaliation for the tariffs imposed by these countries on American products.

The announcement comes amid the ongoing trade tensions between the U.S. and other nations, particularly in the wake of the coronavirus pandemic, which has had a significant impact on global supply chains.

The move has implications for investors in assets like Solana (SOL) and others, as it could escalate trade disputes and affect market stability.

However, ahead of this, the crypto market is already down, with most tokens crashing to a 3-digit price from 4. Now, one analyst predicts how Solana could crash from three digits to two.

Solana Price Crashed 15% Today

With a 61% crash from the ATH, set just 2 months ago, Solana (SOL) holders are in complete turmoil. Interestingly, it is among the top cryptos of the market, but the downtrend persisted due to the decline in the meme coins hype.

Now, the intensity of the downtrend soared as Donald Trump introduced new tariffs, affecting all the financial markets. Amid investors’ bearish sentiments, the Solana price crashed 15%, currently trading at a month’s low of $116.35.

However, its trading volume surged 135% to $6.69B, indicating the investors’ high trading as they prepare for next move. But the concerns arose as the token declined the crucial $120 support.

Solana Price Moves Down $120 Support, What’s Next?

The dominance of the bearish sentiments among the Solana (SOL) holders resulted in its prolonged downtrend. As the altcoin moved down the crucial support of $120, crash fear emerged. A move down this could result in the token’s crash to $90, per crypto analyst XO.

This crash is due to the altcoin’s chart displaying the formation of a bearish triangle, whose continuation could result in the crash to as low as $58. However, a recovery is also possible once the token regains the $118 support.

According to experts, this is the accumulation zone, where buyers’ dominance could push the SOL price to $1000 in the long term.

It is important to note that this prediction is possible if the SEC approves SOL ETF or the U.S. government discloses Solana (SOL) holdings.

Is SOL Price Crash Imminent?

Although the entire crypto market, including Bitcoin, crashed, the concerns are high for Solana (SOL) . This is due to investors’ declining interest and bearish market sentiments, resulting in analysts anticipating a decline to as low as $58.

According to experts, investors should monitor the SOL price and macroeconomic events. More importantly, the key support levels as the bearish sentiments remain high.