Solana (SOL) is under bearish pressure below the previous key support price level of $145. The last 24 hours saw a marginal 3.4% decline in Solana, indicative of the overall instability in the cryptocurrency market largely influenced by Bitcoin’s fall below $61,000. Consequently, this has added downward pressure on Solana even as it demonstrates potentiality based on internal and external factors.
SOL Strives to Maintain Momentum Above 50-day & 200-day SMA
Despite the immediate bear pressures, technical indicators for Solana show an underlying bullish momentum. The asset broke out from a Descending Channel Formation and is trading above critical long-term indicators— the 50-day and 200-day Simple Moving Averages (SMAs). Nonetheless, there still exists a strong descending trend line that must be overcome by SOL for its trajectory to change significantly toward new resistance levels.
The Relative Strength Index (RSI) of 14 days reads 47at this point indicating a possible move into overbought territory if investor interest continues growing rapidly enough; moreover, such interest is supported by an enormous rise in trading volumes by around 41% suggesting increased buying pressure which can lead to more pronounced bullish moves henceforth.
Future Outlook: Potential Upsides versus Support Retests
Going forward, should Solana keep up its current drive and break beyond critical resistances then we could see it eyeing $173 representing a sixteen percent surge from here. Conversely but less likely if bears become too aggressive SOL might pull back looking for anchorage somewhere about $131 near two hundred days’ simple moving average or even at about $120 – where historically there has been stability.
In addition to that what happens with Bitcoin pricing will greatly impact on how well sol ana moves across various levels; if BTC continues dropping then SOL will face more challenges while stability or an upward trend in BTC might create enough market confidence needed to support Solana’s upward potential.
There has also been some speculative excitement over potential SEC-approved ETFs for Solana. Applications made by VanEck and 21Shares could see the first ever Spot Solana ETF launched which event would most likely cause significant positive revaluation, pushing prices up to $1,000. Such a move not only confirms its position but also opens doors for institutional money into this ecosystem.
