$SOL Tumbles Beneath $100 - Is this the End of the Bull Market?

Financial markets across the globe are in freefall. Despite initially showing relative strength against traditional asset classes, crypto markets finally succumbed to bearish forces on Sunday night.

Over $1.67B has been liquidated from crypto markets in the last 24 hours, but experts claim the worst may still be yet to come.

Does $SOL falling below $100 signal the beginning of the next great crypto winter?

Trump’s Trade War Triggers Mass Liquidations

President Donald Trump’s trade war rages on, with markets bearing the full force of rampant uncertainty in the global financial system. TradFi markets have been torn asunder. S&P 500 futures are down 22% and entering bear market territory, while the U.S. stock market has suffered an average daily loss of $400 billion over the past 32 trading days.

Naturally, the bearish dynamics and sentiment ripping through TradFi have carried through to crypto markets. 

According to data from Coinglass and Ranger Finance, over $1.67B has been liquidated from crypto markets, with $1.44B wiped out of long positions. CoinMarketCap’s Fear and Greed Index, a popular tool for tracking market sentiment, has dropped as low as 17.

Altcoins across the board are witnessing devastating pullbacks, with majors like $SOL, $ETH, and $XRP all down over 15% in the last 24 hours.

Solana, widely considered the trade of the cycle, slipped beneath $100 for the first time since February 2024, prompting discussion that this could be the end of this crypto bull run.

However, circumstances may not be as hopeless as they appear. President Trump reports that several countries, including Vietnam, India, and Japan, are moving to negotiate new trade deals with the United States. Trump’s right-hand man, Elon Musk, has suggested the formation of a free-trade agreement between the U.S. and the European Union, which could alleviate some of the pressure Trump’s tariffs are enforcing on markets.

Not Decoupled, Lagging

When TradFi assets began their downward spiral last week, crypto markets remained relatively stable. Industry veterans championed Bitcoin’s strength in the face of macroeconomic uncertainty, suggesting that $BTC was showing its hand as a store of value unaffected by the behavior of individual governments.

While some advocates cheered on crypto’s resilience, others were more wary. Crypto markets often trail TradFi price movements and are often liable to suffer greater volatility during weekends, when liquidity is thinner.

Which Solana Ecosystem Tokens Showed Strength?

With $SOL tumbling below $100, tokens throughout the Solana ecosystem have suffered a similar fate. Most tokens have suffered debilitating drawdowns, losing 15-25% of their value in the last 24 hours.

Meanwhile, Saros, a consumer-crypto app, has shown remarkable resilience. At press time, $SAROS is up 97% over the last 7 days, reaching a market capitalization of over $140M. 

$FARTCOIN appears to have missed the memo about memecoins being dead. Immune to the chaos in wider markets, $FARTCOIN is up ~15% on a weekly time frame.

Among more established products, $LAYER and $GRASS have shrugged off the worst of the market downturn. Grass, a Solana DePIN project developing an AI-data layer, is up 7.8% on the daily, while Solayer’s native token, $LAYER has surged 6.8% over the last week.

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