Solayer price crashes 62% in 2 days — what happened?

Solayer price has crashed 62% in just two days, with a sharp 27% drop in the last 24 hours alone as concerns mount that market makers might have orchestrated the rally to trap retail buyers before unloading their positions.

Solayer (LAYER) price has tanked 27% in the past 24 hours and is currently trading at $1.27, retesting a key support zone between $1.20 and $1.30 — a level that previously held firm from March 27 to April 9 before a breakout rally took the price to a peak of $3.40 on May 5. Since then, heavy bleeding started with a huge leg down from $3.40 to the current $1.27, marking 62% decline.

Traders on X are comparing LAYER price crash to what happened with Mantra (OM). One user said the this was likely caused by market makers pushing the price up to trap buyers before dumping it. The heavy drop, high volume, and wild price swings suggest panic selling and forced liquidations, he explained. Another user pointed out that the top 5 wallets held 74.68% of the available LAYER token.

Looking ahead, the key focus now is whether LAYER price can establish solid support within the current $1.20 – $1.30 range, or if another leg down is coming. Should the price break below this zone, the $0.95 level and then $0.75 appear to be the next critical areas for potential support as they align with previous support zones that held during earlier corrections in the broader uptrend.