Solana’s Technical Breakdown Raises Crash Fears Amid Tariff-induced Market Panic

Solana’s price, having stalled after a recent recovery and hitting a strong resistance near $146.9, is now exhibiting dangerous technical patterns. The coin, which is trading around $140 and more than 50% down from its yearly peak, has formed a death cross and is showing a bearish flag. Analysts warn that if SOL breaks below the key support level of $120—a level it has tested several times—the next immediate target could be $100, which would represent roughly a 30% decline. The price formation comes on the heels of sweeping tariffs announced by Donald Trump targeting the automobile sector, a move that has fueled broader market uncertainty. This announcement has not only spurred declines in Bitcoin and other altcoins but has also contributed to crashes in several Solana-based meme coins following insider exits, which in turn have weakened Solana’s decentralized exchange ecosystem. Despite these pressures, some meme coins, including Bonk, have shown signs of recovery with noticeable gains in the past week. Overall, while the technical indicators point to short-term bearish dynamics for SOL, its long-term recovery may depend on reversing these patterns and overcoming the macroeconomic headwinds.