Solana (SOL) is currently trading at approximately $163.30, reflecting a decline of 7.38% over the past 24 hours. This downturn follows a recent peak near $176, indicating increased market volatility.
In this article, we will look at Solana next target by looking at price chart and technicals.
Solana Next Target
- Current Price: $163.30
- 24h Price Change: -7.38%
- 24h Range: $160.37 – $176.58
- Market Cap: Approximately $85.27 billion
- 24h Trading Volume: Approximately $5.42 billion
- Circulating Supply: Approximately 519.9 million SOL
There are signs of bullish trend reversal: breakout from Channel Down was followed by Higher High (versus prior upswing) and Higher Low. Price reached our target of $180 and got rejected there. That’s a stiff resistance area as it lines up with a 200-day Moving Average (200 SMA).
Price appears to be trading in a Channel Up pattern now. We would be buyers on pullbacks to $160 support (also Channel Up support). Stop loss at $155.
📈 Key Technical Indicators
- Relative Strength Index (RSI): ~45 (approaching oversold territory)
- MACD: Bearish crossover observed
- Support Levels: $156.65, $161.14
- Resistance Levels: $177.92, $182.41
- Current Trend: Bearish with potential for further downside
📰 Latest Solana News & Developments
- 📉 Market Dynamics
Solana experienced a significant price drop of approximately 6% on May 19, leading to $24 million in total liquidations, predominantly from long positions. - 📊 Technical Analysis
Analysts note that SOL has broken below key support levels, including the 50-day EMA and the 0.382 Fibonacci retracement level at $171.05. - 🛠️ Ecosystem Developments
Despite the price downturn, Solana’s ecosystem continues to grow. The upcoming launch of Solaxy, Solana’s first layer-2 solution, has garnered significant attention, with nearly $38 million raised in presale funding.
📌 Summary
Solana is currently facing a bearish phase, with the price stabilizing around $163.30. Technical indicators point to potential further downside, but ongoing ecosystem developments like the impending Solaxy launch may provide long-term support.
👉 Short-Term Forecast: Bearish, with potential to test lower support levels
📉 Risk Factor: High – due to increased volatility and market uncertainties
