Solana Price Update

• Solana has fallen 7.6% in the past 24 hours, hitting lows of $166.
• The technical outlook shows a bearish trend on the daily chart.
• Bulls eyeing a crypto recovery could target $200.

Solana has experienced a 7.6% dip recently, following a broader selling trend in the cryptocurrency market. Trading volume increased by 25%, reaching $7.38 billion, indicating heightened market activity. The losses were primarily concentrated in bullish bets, with liquidations totaling around $43.8 million, reflecting bearish sentiment as SOL hovers at a crucial support level.

Key Support Level

Solana’s price dropped to about $166 amidst an overall crypto market decline, with Bitcoin falling below $115k and Ethereum approaching $3,500. Most liquidations involved bullish positions, which could influence future market sentiment. Analysts anticipate that, depending on buying pressure, bulls may push for a retest towards $200.

BREAKING: Solana has surpassed all Layer 1 and Layer 2 chains in Network Revenue for the 10th consecutive month.

Price Prediction

The bullish outlook for Solana suggests a potential price of $500 by the end of 2025. Factors driving this prediction include Solana’s growing ecosystem and institutional interest, with spot ETFs and regulatory support being key catalysts. However, the short-term outlook reflects bearish indicators as SOL trades below key levels. The Relative Strength Index (RSI) is signaling possible oversold conditions, while the MACD indicates bearish momentum. Should the price drop below $160, further support could be tested at $145 and $130, although bullish reversals could push upward targets toward $200.