Solana’s native token has seen a sharp decline over the past month, down around 25% and is currently trading around $81 (according to CoinGecko).
Some analysts remain unfazed by the drop, describing current levels as a great buying opportunity, while others believe the worst may be yet to come.
“Free money?
ZAYRO ₿ recently claimed that SOL is nearing the end of its “manipulation” phase and is about to enter the distribution zone, where a substantial rally is expected. The analyst believes that “everyone will cry not to buy” at current levels, adding that Solana at these prices is “virtually free money.”
“I’m accumulating points aggressively. SOL will have a massive parabolic run. This is the supercycle that will make people regret ignoring Solana under $100,” they added.
Users X, Ted and Curb, also presented bullish forecasts. The old argued as SOL’s downside liquidity was swept away, outlining two major liquidity zones around $90 and $100.
“Just like ETH, Solana also looks good for a relief bounce here,” he said.
The latter was even more optimistic, call the bottom at around $80 and is eyeing a price explosion to a new all-time high above $1,000.
How about another collapse?
According to Sweep and Mookie, the situation remains very uncertain, also leaving the scenario of a crash on the table. The old maintained that holding above $83 could pave the way for a major rally, while failing to do so could trigger a severe pullback. Mookie note SOL has been moving lower in recent weeks, saying the price is nearing a “big test” at $78.
“If $78 holds, we could finally see a good rebound. But if it breaks, $63-$66 could be next,” they speculated.
The lack of institutional appetite currently favors the bearish scenario. Spot SOL ETFs have posted five straight red weeks, signaling that hedge funds, pension funds and other conservative investors continue to reduce their exposure to the asset.
In fact, these investment vehicles have seen a significant loss since late September, with the last day inflows exceeding outflows being October 21.
Solana’s net trading flow also supports the bearish theory. Over the past few months, inflows have dominated outflows, suggesting that more investors continue to shift from self-custody methods to centralized platforms, increasing immediate selling pressure.
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