Solana price rebounded quite well after the October 10 crash, quickly recovering $200 after hitting a low of $150 on some crypto exchanges. Despite this, the altcoin is still not out of the woods, with bearish indicators appearing to be accumulating around it. Unless something changes soon, the Solana price could be gearing up for another major hit that could push it even lower than the legendary flash crash.
Friday’s crash was just confirmation of a bearish trend for Solana price
While the broader market believes that the October 10 crash has passed, leaving the market in a more bullish state, one analyst deviates from this idea and believes that this has actually put Solana price on a more bearish path towards more declines.
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According to an analysis shared on the TradingView website, crypto analyst Klejdi Cuni shows that the price of Solana has actually confirmed a broader downtrend following the crash triggered by Donald Trump’s 100% tariff comments on China. As a result, the entire downtrend has yet to actually take place.
Not only is Solana price already on track for further corrections, but it is also at even greater risk as Bitcoin price struggles to hold up. After an initial recovery, the price of Bitcoin has since seen a slow decline, and altcoins such as Solana have also been affected.
With Bitcoin price already struggling, the analyst believes that Solana price is already looking at a decline to at least $170. However, in the event that the entire bearish narrative plays out, Solana price is likely to collapse by 50% to $104.
SOL ETFs could change the narrative
Amid the expected bearish pressure, there remains the topic of pending Solana ETF applications that could change the entire narrative. Data from The Block website shows a total of 11 Solana ETFs that are awaiting a decision from the Securities and Exchange Commission (SEC).
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If these Solana ETFs are approved for trading, it could trigger a significant influx of institutional liquidity into the altcoin. Much like the trend seen with Bitcoin and Ethereum ETFs, this could cause the price of Solana to rise, thus taking the bears off the table.
At the time of writing, Solana’s price was still above $200. However, with the price of Bitcoin hovering around $111,000, it is possible that the altcoin could suffer a crash below $200 before regaining its footing.
Featured image created with Dall.E, chart from Tradingview.com
