Solana has faced a sharp decline, plunging to a multi-month low amid broader market weakness. The altcoin’s ongoing downtrend, exacerbated by recent technical indicators, has made a recovery uncertain. 

Solana’s future price action largely depends on Bitcoin’s performance, as a potential BTC rebound could support SOL’s turnaround.

Solana Investors Need A Nudge

Solana’s Long-Term Holder Net Unrealized Profit/Loss (LTH NUPL) has entered the Fear zone, signaling increased market distress. Currently sitting at a 16-month low, this indicator reflects the broader market downturn’s impact on SOL investors. As long-term holders experience rising losses, the potential for significant selling pressure increases, posing a risk of further declines.

The sentiment among these investors could extend to retail traders if fear escalates. A mass sell-off could amplify bearish pressure, making it harder for SOL to recover. Unless Bitcoin stabilizes and market conditions improve, investor confidence in Solana is likely to remain weak in the near term.

Solana maintains a strong correlation with Bitcoin, currently at 0.92. While high correlation typically signals bullish alignment, in SOL’s case, it is a bearish indicator. Bitcoin is struggling to hold above $80,000, meaning any further BTC weakness could pull Solana down alongside it.

If Bitcoin fails to regain momentum, Solana’s price could face additional losses. The altcoin’s reliance on BTC’s stability adds to its vulnerability. Until Bitcoin reclaims key support levels, SOL’s macro momentum will likely remain bearish, prolonging its downtrend.

SOL Price Takes A Hit

Solana’s price has dropped 28% in the past 24 hours, trading at $128. The decline stems from overall market bearishness and the Death Cross formation on SOL’s chart last week. This technical pattern suggests continued downside unless strong buying pressure emerges.

Currently, SOL is holding above $120, attempting to stabilize. However, if broader market conditions do not improve, the altcoin risks breaking below its key support at $128. A failure to hold this level could accelerate losses, leading to deeper corrections.

On the other hand, if investors take advantage of the lower price and accumulate, SOL could reclaim $137 as support. A successful breakout beyond this level would open the door for a potential rally toward $155, effectively invalidating the bearish outlook. Market sentiment and Bitcoin’s trajectory remain critical to Solana’s recovery.

Hedera’s HBAR has witnessed a sharp decline in price over the past week. Exchanging hands at $0.21 at press time, the token’s value has plummeted by 17% during that period. 

The token’s low demand is reflected in its open interest, which has fallen to its lowest level of the year. This signals a reduction in leveraged positions and could drive further price dips. 

HBAR’s Open Interest Hits Yearly Low—Is More Downside Ahead?

HBAR’s open interest, which measures its total number of outstanding derivative contracts, such as futures or options, that have not been settled, has steadily declined since January 9. This month alone, it has plunged by 8% and is currently at $149 million, its lowest level since the year began.

When an asset’s price and open interest decline, it signals waning market participation and weakening trader confidence. This trend suggests that existing HBAR positions are being closed without new ones being opened. It presents a bearish outlook for the altcoin in the near term as its price may continue to decline unless new buying pressure re-emerges.

Furthermore, on the HBAR/USD one-day chart, the token trades below the dots of its Parabolic Stop and Reverse (SAR) indicator. 

The Parabolic SAR indicator identifies an asset’s potential trend direction and reversals. When its dots are placed below an asset’s price, the market is in a downtrend. It confirms that HBAR’s price is declining, and the trend could continue if buying activity remains low. 

HBAR Slips Back Into Bearish Channel

On the daily chart, HBAR has fallen back within the descending parallel channel, which kept its price in a downtrend between January 16 and March 1. 

Last week, a surge in market volatility briefly pushed the token above this range, hinting at a potential breakout. However, waning demand has led HBAR to slip back into the bearish channel, signaling renewed downside pressure. 

If this continues, HBAR’s price could fall to $0.16.

On the other hand, a resurgence in HBAR demand could drive its price to $0.24.

In a recent discussion, Bybit CEO Ben Zhou bluntly stated that Pi Network is “more dangerous than meme coins.”

Following Zhou’s remark, the Pi Network community reacted negatively, driving the rating of the Bybit app on the Google Play Store down to 2.7 stars.

Bybit CEO: Pi Network Is More Dangerous Than Meme Coins

Zhou explained his stance on Pi Network and pointed out that the project lacks a fully functional product. Pi Network’s PI coin has not been listed on major exchanges despite earlier listings on platforms like OKX and MEXC.

Moreover, Zhou emphasized that its value largely hinges on community expectations rather than fundamental factors. After years of development, Pi Network still lacks a fully operational blockchain. It cannot be traded publicly, which has raised many questions about the project’s transparency and true potential.

According to Zhou, relying on community trust and FOMO without a tangible product poses a real danger. It creates significant risks if the project fails to achieve key milestones like launching a mainnet or gaining widespread adoption. In the past, Pi Network has repeatedly delayed its mainnet launch and KYC processes. The project just recently announced an open network on February 20, 2025.

Most recently, the project extended its KYC deadline to March 14. However, many Pioneers reported unresolved technical issues. They are calling for more time to resolve them.

Given these issues, Zhou argued that the Pi Network is more dangerous than meme coins. Projects like Dogecoin (DOGE) and Shiba Inu (SHIB), while also community-driven, have established blockchain foundations and are listed on major exchanges. This gives them greater liquidity and clearer market value. Previously, Zhou has also commented that the Pi project was a scam.

Zhou’s remark about the Pi Network has shaken some Pioneers’ confidence in the project and triggered a strong backlash from the Pi Network community. Many argue that the assessment is unfair, as Pi Network is still in its development phase and, in their view, holds significant future potential.

“Bybit CEO Ben Zhou’s statements about Pi Network reveal a deep lack of understanding and a superficial assessment of the crypto ecosystem,” said X user s_nakotomo.

After this statement, the Pi Network community retaliated by downgrading the Bybit app’s rating on the Google Play Store to 2.7 stars. Zhou expressed hope that the Pi Network team would step forward publicly to clarify their project rather than resorting to personal attacks or targeting the exchange.

This isn’t the first time the Pi community has lashed out at exchanges over unfavorable remarks. Previously, they called for leaving 1-star rates for the Binance app after it proposed a vote on Pi but later declined to list it. Capitalizing on this enthusiasm, Binance introduced a feature allowing the community to vote on which tokens should be listed or delisted.

Meanwhile, Pi Network token struggles to hit $2 as bearish indicators dominate.

At press time, the PI coin was trading at $1.43, up less than 1% over the past 24 hours.