Solana Price Plunge Accelerates: Analysts Warn of Further Decline

Solana's native token has been struggling to keep pace during the ongoing bear market. Analysts are divided on its prospects, but some warn that a further decline could be imminent.

According to Ivan on Tech, Solana has logged nine consecutive red months and is at risk of closing a tenth, an unprecedented event in its history. Ali Martinez views the current price level of around $74 as a 'make-or-break' moment, citing over 50 million SOL bought at this mark.

If bears maintain control, Martinez predicts that Solana's price could drop to $60, with little meaningful support until $50. Additionally, institutional interest has waned, as spot SOL ETFs remain unattractive to investors, with a daily net inflow of -$18.07 million on July 28, the largest single-day red candle since December last year.