 ▲ Solana (SOL) |
Solana (SOL) has failed to break through a key resistance level amid a broader market downturn, putting it at risk of plunging to extreme support levels that could recreate the fear seen in past bear markets.
According to crypto media outlet NewsBTC on February 28, cryptocurrency analyst Ali Martinez analyzed a parallel channel formed on Solana’s weekly price chart and outlined major support levels the price could reach. Martinez noted that throughout 2025, Solana tested the upper resistance line of the parallel channel multiple times but ultimately failed to break above it and reversed into a downtrend. The repeated rejections at the upper resistance confirm strong selling pressure, with downside momentum currently intensifying within the channel.
Martinez warned that if Solana’s bearish momentum does not weaken, the price could fall to $50.22, $22.47, and in the worst-case scenario, as low as $9.98. The $50.22 level represents the midpoint of the parallel channel, while $22.47 marks a 75% decline, and $9.98 corresponds to a full 100% drop to the bottom of the channel. Notably, $9.98 was the level where Solana bottomed during the previous cycle’s bear market and could be tested again if the market falls into extreme fear.
Currently, Solana is trading near $81, down 5.5% over the past 24 hours, remaining in the upper half of the parallel channel. However, as the broader cryptocurrency market turns bearish, Solana has been unable to avoid downward pressure. If buyers fail to overcome the selling momentum, a sequential breakdown of support levels could become a reality. Investors are closely watching whether Solana can maintain its current price range and build a foundation for a rebound or continue correcting toward the lower support levels outlined by the analyst.
Solana’s price action is expected to be determined by volatility within the parallel channel, and continued declines could further dampen investor sentiment. If the key support at $50.22 collapses, the pace of the downturn may accelerate, making strict risk management essential at this stage. Market experts suggest that macroeconomic factors and the movement of Bitcoin (BTC) will ultimately play a decisive role in determining Solana’s final bottom price.
Disclaimer: This article is provided for informational purposes only and does not constitute investment advice. The publisher is not responsible for any losses incurred based on this information.