Solana ($SOL) is exhibiting some signs of volatility this week, causing some analysts to fear that the price may spiral.
To begin with, Solana is the only top twenty cryptocurrency that has dipped in the last seven days. While Bitcoin ($BTC) remains virtually unchanged at $93,841, and the market-leading Solana competitor Ethereum ($ETH) has blown up 12% to $3,488, Solana has actually fallen 1.4% down to $237.
Furthermore, over the weekend, Solana posted a triple top. A triple top is a bearish signal which means an asset is no longer rallying and may imminently reverse. X analyst ChartFu (@ChartFuMonkey) highlighted the pattern and suggested Solana was about to collapse down to $3.
However, ChartFu’s analysis was both premature and FUD. In light of subsequent data, we can see ChartFu was only half right.
Solana’s $SOL: To $3 or $300?
In order for the pattern to qualify as a triple top, the price after the three price peaks has to sink below that of the two pullbacks (also known as “swing lows”) between the three peaks. ChartFu’s analysis was premature because there wasn’t enough downside after the formation to call it a triple peak, at the time.
As we can see on the chart below, Solana’s downside did subsequently sink below the swing peaks, so ChartFu correctly predicted that the three peaks were a triple top, however Solana’s crash appears to have fizzled out at lows of around $220, far higher than $3.
Source: TradingView
In fact, more technical analysis suggests that Solana’s native $SOL is likely to spend most of 2025 trading around $300, as Cryptonews previously reported.
It’s safe to assume that Solana’s spiral has now ended. In the last 24 hours, the coin is up 3.6% and its relative strength index (RSI) sits at 55 and rising, suggesting investors are steadily buying back in to help stabilize and lift the coin’s price.
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As we can see above, the $112 billion market cap Solana is crypto’s equivalent of “too big to fail”.
Too much money is invested in Solana. It’s likely the coin will get its own suite of investment products, like the recently US-approved Bitcoin and Ethereum spot ETFs that have funnelled billions of dollars of TradFi wealth into Web3 this year, helping Bitcoin to become one of 2024’s best performing assets.
However, this means that those investing in Solana should be prepared to play the long game. Solana is not about quick returns. Those who want to recapture the tinderbox excitement of early crypto investing should allocate widely and take up small positions in meme coins.
Recently, investors have gone crazy over a viral Ethereum meme coin that debuted on Uniswap last week. Within 24 hours it had blown up over 1,500% as investors snapped it up, intrigued by the project’s tap-to-slap mini game.
The game is found on Catslap’s official website, where players click (or tap) the screen in order to animate a gif of the viral slapping cat.
The game logs each by country and distributes rewards to the nation at the top of the leaderboard.
The project’s X account already boasts almost 10,000 followers in less than a week of trading.
Catslap has a maximum supply of 9 billion, with 50% for liquidity, 20% to staking—where investors can earn 40% for locking up their tokens, 10% to community rewards, 10% to development, and 10% to its team (with this latter allocation vested for ten years).
Procure Catslap via Uniswap or directly via the official website, where 1 SLAP is $0.00308785.
The website urges investors to “buy and stake $SLAP before major announcement!” along with a timer displaying just over seven days left.
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The post Analysts Point to Solana Forming A Triple Top Pattern, Will $SOL Crash or Reach $300? appeared first on Cryptonews.
