Solana Hits $68 Target
Solana hits analyst's bearish target of $68 as cryptocurrency market experiences wider sell-off
Ali Martinez , a leading cryptocurrency analyst and trader, pointed out on Tuesday that Solana (CRYPTO: SOL) successfully hit the target they set following a sell signal earlier in the week.
Sell Signal Turns Out To Be Accurate Martinez had flagged a “near-term cooling signal” after SOL tested key resistances at $74.85 and $75.
They set an extended target of around $68.
The seventh-largest coin by market capitalization eventually hit the target on Tuesday, as a wider sell-off in the cryptocurrency market unfolded alongside a sharp decline in chip stocks.
Solana $SOL just hit my target at $68. ✔️ pic.twitter.com/Ejv7p9jX30 — Ali Charts (@alicharts) June 23, 2026 Whale Holds Overleveraged Short Bet It’s worth highlighting that a large whale trader entered a highly leveraged 20x bearish bet on Solana earlier on Tuesday.
Despite being down $518,000 on the position, the trader continues to hold the short as of this writing.
A whale is extremely bearish on $SOL .
One hour ago, whale 0x9137 opened a 20x short on 554,680 $SOL ($38.15M). pic.twitter.com/WjS6o96vEW — Lookonchain (@lookonchain) June 23, 2026 Bullish Or Bearish? Technical analysis revealed mixed signals across major indicators.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, typically the 12-period and the 26-period, flashed a "Buy" signal for SOL, according to TradingView.
Meanwhile, the Bull Bear Power indicator, which measures the strength of buyers and sellers, remained “Neutral,” and so did the Relative Strength Index.
Read Also: Can SpaceX Save Solana? Tokenized SPCX Stocks Rack Up $100 Million In Trading Volume Notably, open interest in SOL futures rose 3.22% from the previous day, according to data from Coinglass.
An increase in open interest, alongside a drop in spot price, typically signals that new short sellers are actively entering the market, hoping for the decline to continue.
On the other hand, top traders on Binance , i.e., the top 20% users with the highest margin balance, increased their long exposure to SOL Price Action : At the time of writing, SOL was exchanging hands at $69.65, down 2.51% over the last 24 hours, according to data from Benzinga Pro.
Year-to-date, the token has plunged over 45%.
Read Also: Solana ETFs Are Turning 6% Staking Yield Into A Superpower Photo Courtesy: LEE WA DA on Shutterstock.com