Is Solana Experiencing a Dead Cat Bounce? Will SOLUSDT Plummet to $65?
Solana's price struggles below $130 after a significant decline from $295, raising concerns of a potential dead cat bounce.
Solana’s price currently hovers under $130, having plummeted by 65% from its previous high of $295, raising fears of a possible dead cat bounce. Recent trends indicate that despite strong fundamentals—like Janover’s significant SOL investment and active DEX trading—SOLUSDT may drop to $65.
SOLUSDT Steady, But Is This a Dead Cat Bounce?
As SOL’s price stabilizes, skepticism lingers regarding its upward movement. A trader recently noted that although SOLUSDT increased from $95 to $135, the prevailing downtrend remains a concern.
Solana Price Analysis
Source: OpenSea
Expectations are that continued pressure from sellers could lead SOL’s price to drop below the $95 mark, possibly reaching the April 2025 lows of $65. The ongoing analysis suggests that Solana is testing a critical resistance area. If the breakout from this zone fails, a decline to $65 could happen.
It’s crucial to note that despite substantial trader optimism for SOL to rebound to $295 during Q4 2024, the sellers currently have the upper hand, having completely reversed prior gains achieved in November 2024 due to meme coin hype.
Will Janover, OpenSea, And DEX Activity Support Solana?
Despite a cautious market outlook, the underlying fundamentals for Solana remain strong. Recently, Janover, a public real estate company, made headlines by acquiring a considerable amount of Solana, totaling $10.5 million, thereby enhancing their overall SOL holdings to over 163,000 tokens.
Notably, Janover’s strategy is rooted in a long-term investment approach rather than mere speculation, with intentions to stake SOL through Kraken and offer tokens to validators that they manage to maximize returns.
Furthermore, OpenSea has released support for Solana token trades for beta users, signifying a critical step in its broader multi-chain strategy.
“Solana token trading is now live on OS2 for some closed beta users & will be rolling out to more in the coming weeks. This marks a significant milestone in our multi-chain journey. Solana has some of the most enthusiastic users and builders in web3,” noted OpenSea on Twitter.
Trading volumes also signal robust activity with DEXes on Solana averaging over $2.5 billion in daily trades, suggesting ongoing interest despite bearish conditions.
