Analysts predict Solana’s collapse to $ 200

The Solana cryptocurrency SOL $217.98 Solana -0.31% Market capitalization $104.45 billion VOL. 24 hours $1.02 billion , developed by Ukrainian Anatoly Yakovenko, is facing significant sales pressure. A massive token sale and technical indicators point to a possible price drop to $ 200.

On November 26, Lookonchain reported that the Pump Fun project sold 99,999 SOL tokens worth $ 22.74 million on the Kraken platform.

In total, this project has earned more than 1.487 million SOL tokens (worth $ 345 million) through the generation of meme coins and has already sold 998,242 tokens worth $ 180.4 million at an average price of $ 180.70.

Although this sale is not critical at the moment, it puts additional pressure on the market, which is already in a correction phase. Analysts warn that this could trigger panic selling by other investors and large players (the so-called «whales»).

At the time of writing, SOL’s price reached $ 234, its market capitalization is $ 112.22 billion, and its daily sales reached $ 7.19 billion.

Due to the growing sales pressure, there is a high probability that the price of the digital asset could drop by another 12%, reaching $ 200 in the coming days.

On the other hand, the token is still trading above the 200-day exponential moving average (EMA), which indicates that the uptrend is still in place.

In addition, the Relative Strength Index (RSI) is at 57.30, signaling a possible upward correction in the short term.

Experts advise investors to keep a close eye on the coming days, as the sale of tokens and the unstable market situation could significantly affect the further price dynamics of the cryptocurrency.