Solana (SOL) is coming under heavy sell pressure right now, already down more than 60% from its January highs near $300.
Last around $120, the Solana price is currently probing its mid-2024 lows in the $110 area, a break below which could open the door to a swift drop back towards $80 per coin.
Solana is getting slaughtered right now in tandem with the broader crypto market as the macro backdrop darkens.
US equity markets have been dumping in recent weeks on concerns that the Trump administration is happy to let the economy tank in the short-term in order to pursue what they view as worthwhile long-term economic objectives – namely deficit reduction thanks to D.O.G.E and restoring of industry to the USA via waging trade wars.
With the Fed reluctant to signal to the market that it will eagerly jump in to save the economy with lower interest rates, risk sentiment could remain depressed for some time as uncertainty builds.
That means risks are strongly skewed to the downside in the near term for major cryptos like Solana.
Could Solana Collapse Back to $30 Again?
Solana’s late-2023 surge was so quick that SOL didn’t realize leave much of a trace of major support/resistance levels.
$80 is arguably one solid zone, and would be the next bearish target should Solana fall under it’s mid-2024 lows. Beyond that there is around $50, and then just above $30.
It may seem excessive to project a drop all the way back to $30, but this is crypto, and things can get very very ugly during bear markets.
In 2021, Solana hit $260, only to fall back to $8 in 2022. With that context in mind, a drop to $30 should not be ruled out.
In terms of what narratives could drive us back to these levels, a new US recession, coupled potentially by fears of an inadequate response from policymakers (the Fed and the Trump administration) to “save” the economy.
That’s a scenario that could hammer risk assets and make traders all but completely forget about all the bullish narratives we have been discussing since Trump’s election victory.
Many altcoin investors would have piled into Solana in recent months, convinced that the traditional four-year cycle in Bitcoin would continue as normal and eventually trigger a wild altcoin season.
With their thesis in tatters and their portfolios down big, there is a strong likelihood that these investors might capitulate, and there is no telling how low they might throw in the towel.
Buy the Dip?
The old way of thinking about predictable four year crypto cycles might bro dead, but that doesn’t mean crypto isn’t going to come roaring back after the current setback.
Once macro conditions improve – i.e., say the economy is stabilizing and the Fed is pumping liquidity – a breathtaking market rebound could ensue.
Remember, with the US government’s blessing and increasing institutional interest, crypto adoption is moving forward at a record-breaking pace globally.
Against this backdrop, crypto markets could see a massive comeback. An opportunity to get Solana for $30 could be a massive opportunity, just as getting it under $10 in 2022 was.
So long as macro conditions allow, Solana should be able to go well beyond its recent record highs in the coming years, assuming rapid adoption continues (very likely).
Investors with nerves of steel who can hold through near-term bumps would do very well to accumulate Solana in the coming months as it drops back below $100.
If Solana can hit $1,000 by the end of Trump’s term, investors could back more than 10x gains if they play their cards right.
High Beta Play to Consider – Solaxy (SOLX)
However, while high beta Solana ecosystem plays are likely to dump even harder, they could enjoy see even bigger upside in the coming years.
One new Solana project that has been getting a lot of attention is Solaxy (SOLX), which will soon launch the first Solana layer-2 scaling solution.
As more users flock to its blockchain, congestion is becoming an increasing problem for Solana, with Solaxy looking to get ahead of the curve on solving this.
By addressing Solana’s congestion issues through off-chain transaction processing, Solaxy enhances scalability and efficiency while preserving the network’s hallmark speed.
Its innovative bridge between Solana and Ethereum also unlocks seamless asset transfers, broadening DeFi accessibility.
With a successful more than $25 million presale so far and a growing community, Solaxy demonstrates strong momentum.
As Solana evolves—bolstered by upgrades like Firedancer—Solaxy’s focus on reliability and user accessibility positions it as a potential leader among Solana protocols in the coming years.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 
