The wider crypto market continued with bearish sentiment as the New York traders began their new week. Bitcoin (BTC) price has been forming a rising wedge in a falling market, signaling further capitulation during the day, potentially towards $70k.
Moreover, the heavy liquidation of long crypto traders, amounting to around $1.42 billion in the past 24 hours, has fueled the possibility of a further Selloff due to a long squeeze.
Also Read : Solana Price Prediction 2025, 2026 – 2030
Solana Bulls Give Way
As the bearish sentiment overtakes a possible bullish crypto outlook, amid the ongoing global economic crisis caused by Donald Trump’s tariff war, SOL price has signaled an onset of a macro bearish outlook. The large-cap altcoin, with a fully diluted valuation of about $51.4 billion, dropped over 15 percent to trade at about $99.66 on Monday, April 7, during the early New York session.
Worth noting that SOL traded volume surged over 330 percent in the past 24 hours to hover at about $6.9 billion. Essentially, a spike in daily average trade volume during a bearish market signals a surge in panic sellers.
SOL Price Expectations for this Week
The SOL/USD pair has continued to experience heightened volatility, amid the broader crypto market bearish outlook. Similarly, the SOL/BTC pair has been bleeding after retesting a reversal pattern characterized by a several-retest of the local top coupled with a bearish divergence of the weekly Relative Strength Index (RSI).
According to crypto analyst Ali Martinez, SOL price faces a 50 percent capitulation in the coming days to retest the next major liquidity level above $50.
