Solana Faces $50 Support Level Amidst Ongoing Bear Market

Solana's native token has been underperforming in the current bear market. While some analysts see this as an opportunity to buy, others believe that SOL is at a critical turning point and could drop by another 30%. The token has logged nine consecutive red months, a record in its history, and is close to reaching $73.75, a key support level according to analyst Ali Martinez.

More than 50 million SOL were bought around this price, making it the most critical support on the map. If bears maintain control, Martinez predicts that the price could move south toward $60, with little meaningful support until $50. This is not just a prediction; data from SoSoValue shows that spot SOL ETFs have been unattractive to pension funds and hedge funds.

However, there are also optimists who believe that buying SOL at its current price below $80 is like investing in BTC in 2010. Analyst Lucky thinks that the plunge under $75 could be a 'juicy dip' followed by a rally to around $160.