Solana (SOL), the world’s sixth-largest cryptocurrency by market capitalization, has been under intense scrutiny lately as its price continues to fluctuate amid market volatility. Despite some bullish moves, the cryptocurrency is facing mounting pressure as bearish signals loom over its price action.

Recently, data from Coinglass revealed that 79% of top traders on Binance have gone long on SOL, even though the broader market sentiment remains bearish. This apparent divergence in sentiment has raised intense debate about where Solana’s price is headed next—especially after a breakdown of crucial support levels.

Breaking Down the Price Action of Solana (SOL)

Solana’s price has seen significant movement over the past few weeks. On April 6, 2025, the cryptocurrency experienced a notable breakdown when it fell below the critical support level of $115. This level had held firm since March 2024, and its breach has sparked fears of a deeper decline.

The breakdown pushed Solana into a bearish phase, but there has been some recovery, with SOL briefly bouncing off a low of $95.6 during the Asian market session. As of now, SOL is trading near $107, though it has seen a small drop of over 1% in the past 24 hours.

Key Levels to Watch for Solana’s Price

Technical analysts are closely monitoring Solana’s price action, and there are several critical levels to watch. According to expert analysis, the price remains below the $115 level, which could signal further bearish movement in the short term. If the price stays below this threshold, SOL could face a potential decline of 30%, possibly reaching the $77 mark.

This bearish outlook is backed by several technical indicators, including the Relative Strength Index (RSI) and the 200-day Exponential Moving Average (EMA), both of which are signaling weakness in the current market.

Whale Accumulation Amid Market Volatility

Despite the prevailing bearish sentiment, there are signs that whales and long-term investors are taking advantage of the current price levels. On-chain data from Coinglass shows that over the past 24 hours, approximately $140 million worth of SOL has exited exchanges. This substantial outflow could signal accumulation, as whales position themselves for potential price growth in the future.

This accumulation activity suggests that large investors are not fully convinced that the price will continue to fall and may be betting on a future rebound. However, it’s important to note that even with strong buying activity, the market’s broader bearish sentiment could limit any immediate upside momentum.

What’s Next for Solana’s Price?

The next few days could be crucial in determining whether Solana can mount a successful rally or whether it will continue to struggle below key support levels. If SOL manages to reclaim the $115 mark and hold above it, there could be potential for a stronger recovery. However, if the price remains below this level, the downside risks remain substantial.

With trading volumes surging by 185% in the past 24 hours and significant price fluctuations, Solana’s price action continues to be unpredictable. Traders and investors will need to keep a close eye on upcoming market developments to assess whether the bears or bulls will take control in the coming weeks.

Conclusion: Should You Buy Solana (SOL)?

Solana’s price is currently at a crossroads, with both bullish and bearish factors in play. While whales are accumulating the asset and some traders remain optimistic about its future, the bearish signals and technical indicators cannot be ignored. If SOL fails to recover above the critical $115 level, it may face further declines, potentially even hitting the $77 level.

Investors considering Solana should carefully weigh the risks and rewards before making any decisions. The crypto market is highly volatile, and while there may be opportunities for profit, there’s also the potential for significant losses. As always, it’s crucial to conduct thorough research and consult with financial advisors before diving into any high-risk investments.