Solana price is on the verge of a 50% decline toward $60 if it breaks down below an ascending triangle pattern and confirms a full bearish reversal. Whales appear to be preparing themselves for this decline as on-chain data reveals that these large addresses are selling SOL.
Solana Price Risks 50% Crash From Triangle Pattern
Solana price trades at $126 today after a 3% decline in 24 hours. This marks the altcoin’s lowest level in two weeks as bearish trends prevail across the broader crypto market due to a massive selloff from traders because of fears of spiking US inflation.
This decline has caused more than $12M in total SOL liquidations, with over 90% of the liquidated positions being from long traders. This scenario has created concerns from traders, with popular analyst Ali Charts sharing a bearish Solana price prediction that it is headed for a crash towards $60.
In his analysis, trader Ali noted that Solana price had formed an ascending triangle pattern. The most crucial support level for SOL in this pattern is $125. If this altcoin drops below this support level, it could trigger a 50% decline toward $60 and push SOL toward a multi-month low.
At the same time, Crypto Patel observed that Solana has confirmed a downtrend after it dropped below a critical demand zone. Patel urged traders to book partial profits on SOL and adjust their stop-loss to the break-even point to avoid recording more losses.
Whales Dump SOL as DEX Volumes Hit 6-Month Low
The recent decline in Solana price has stirred whale selling activity. Data from Lookonchain shows that one whale address has unstaked 60,289 SOL valued at $7.67M, suggesting that these large addresses are bearish on the price and anticipate that the SOL will plunge.
Whales are also likely selling because of concerns that Solana price might soon drop below the $100 price level and reach a one-year low. However, reduced network activity might also be keeping large addresses on edge.
According to data from DeFiLlama, the DEX volumes on the Solana network recently dropped to the lowest point in six months. At press time, SOL had recorded $14B in weekly DEX volumes, which is a massive drop from the peak of $97 billion posted in January 2025 when Solana price rallied.
As the DeFi activity falls alongside the price, it will reduce the level of market confidence in Solana, which could accelerate the ongoing selling activity. This highlights bearish headwinds that will likely force Solana price to lose the psychological level of $100 and plunge towards $60.
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