Over the last 24 hours, Solana (SOL) has experienced a notable price drop of around 8%. This fall corresponded with a significant increase in trading volume, which rose by 35.88% from yesterday. The vast volume, coupled with a price slip, suggests high selling pressure on the market. At the time of writing, SOL is down $168.43, which represents an 8.15% decline from intra-day highs.
SOL/USD 24-hour price chart (source: CoinMarketCap)
Mid-term Trend Analysis
Solana’s price has been slowly decreasing since this morning. The timeline begins with the highest price point, followed by a gradual decrease characterised by lower highs and lower lows, which indicate bearish market conditions.
The support level is about $165 now where if it holds as in the past could stabilize the price or bounce back at this level . Nonetheless, previous support levels near $183 may act as resistance now.
Afterwards, for four days in a row, other cryptocurrencies like Bitcoin and Ethereum have also seen bear dominance over the market hover around their major support zones. Solana’s current bull run has erased weekly improvements of late on its pricing chart.
Short-term Price Targets and Predictions
If this bearish trend continues then SOL might go down to its key support zone located at $155.
However, if there is any bullish reversal in this broad cryptocurrency market then Solana can resume to above the resistance line of $181.50 while consolidating its position at that level may bring it close to testing higher regions past $190.
Market analysts have conflicting opinions concerning the short-term trajectory of Solana’s value range. Some expect moderate movement, potentially raising prices at about $194 before Sunday, while others see a slight retracement targeting prices as low as $163 within the next few days. However, August predictions vary from peak amplitudes—from up to $232.96 down to mean values holding about $192.06.
Solana’s Performance and Market Position
Despite this dip, Solana’s overall market performance has held up. Over the last seven days, this asset has risen in price by 3.42%, and in one month, it witnessed impressive growth of 28.78%. Strong investor interest is behind this upward trajectory, with the Relative Strength Index (RSI) at 61.71 indicating a buying sentiment.
Market analysts expect future price surges for Solana in the coming months as they anticipate the advent of a Solana ETF spot-pricing product. As such, more institutional investors might be attracted to SOL due to VanEck’s and 21Shares’ recent SEC filings on Solana ETFs.
Source: TradingView
Conversely, the Simple Moving Average (SMA) indicator hints at a possible bearish crossover, implying pessimism toward Solana. Moreover, there has been bearish convergence in the daily time frame on the RSI, moving toward a neutral point, thus underlining increased selling pressure.
In spite of its current downward trend, some market analysts are still bullish about what lies ahead for Solana in the long term. The indications so far imply that if conditions turn favourable again and go bullish on us, then SOL may overcome existing resistance levels and achieve an all-time high by year-end; June might have another test at $200 provided that monthly support does not go below $181.50 once again, while intense bearishness would push it down further towards critical supports like $155.
