Solana Price Down 67% From ATH: Dip to Buy or Warning Sign?

[Ben Graham]

Solana (SOL) price is officially down 67% from its highs, trading precariously around the $80 level. This ruthless correction is testing the nerve of every retail investor, as one of the market’s favorite “Ethereum killers” sheds over two-thirds of its value. Is this the bargain of the year, or a falling knife you shouldn’t catch?

A whale is currently adding to their long position, demonstrating strong conviction in a potential recovery, even if short-term. Ignoring the leverage game, we should look beyond the panic and focus on what the charts and fundamentals are actually telling us.

Whale "0x4A2" deposited $2M $USDC into #HyperLiquid and increased its $SOL (20x) long position and still has an open order to further increase the position.

The whale also holds a $ETH (20x) long position valued at $11.14M.https://t.co/phu0w0FPui pic.twitter.com/iJCXCQJWIe

— Onchain Lens (@OnchainLens) February 23, 2026

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Solana Price Is Testing Again the $80 Level

For those new to the crypto roller coaster, a 67% drawdown might look like the end of the world. In traditional stocks, this is a depression; in crypto, this type of volatility is not that rare at all. Bitcoin volatility cycles teach us that aggressive flushes are part of the game.

Typically, when Bitcoin dips, altcoins like Solana tend to follow, often dropping significantly harder due to their higher risk profile. While the current drop is painful, it mirrors past cycles where immense fear preceded recovery. The key is understanding whether the panic is driven by broken fundamentals or just macro fear. Right now, the entire market is risk-off, dragging even high-utility networks down with it.

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Technical Signals: Is SOL Finding Support or Breaking Down?

Solana Price Analysis Source: TradingView

The charts are flashing red, and the technical signals suggest we aren’t out of the woods yet. SOL has sliced through several psychological safety nets. As we mentioned recently, Solana’s fall below $82 has been exacerbated by wider macroeconomic concerns. 

The dreaded “Death Cross”, a technical term for when short-term trends cross below long-term averages, is signaling that the bears are firmly in the driver’s seat for now.

If the bulls cannot defend current levels, we face a risk of sliding toward the next major support zone at $67.50.

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Structural Weakness or Cyclical Opportunity?

Is the network dying, or is this just a fire sale? The bear case is that speculative hype has evaporated. The bull case is that the technology is stronger than ever. Unlike 2022, when the network broke frequently, Solana is now processing massive transaction volumes with better stability. We’ve even seen institutional validation, like the recent Citi Solana trial, which demonstrates that big banks are looking at Solana for real-world finance, not just monkey NFTs (for now).

Transaction Count On Solana Source: TokenTerminal

If you zoom out, the thesis for long-term growth is arguably intact. Even with this crash, the Standard Chartered Solana price prediction envisions a future where SOL commands a much higher valuation by 2030. The disconnect between falling prices and rising developer activity is often where the “smart money” accumulates.

The market is currently deciding Solana’s fate for the coming months. We need to see SOL reclaim $95-$100 to feel confident about a genuine reversal. Until then, caution is king. Keep your eyes on Bitcoin’s stability, as SOL rarely recovers alone.

Stay safe, anon.

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