Solana Price Struggles Amid Critical Support Levels, Facing Bearish Market Trends

Solana Price Struggles Amid Critical Support Levels, Facing Bearish Market Trends

Solana Price – Solana has been teetering around critical support levels recently, with bearish trends overshadowing its market performance. The cryptocurrency is facing challenges in maintaining its position as the broader market undergoes a significant downturn. This decline is reflective of the wider corrections seen across the global crypto landscape.

Solana Price Forecast: Potential Surge to $400 on the Horizon?

Crypto analyst Sistine has offered a detailed analysis of Solana’s current market path, highlighting both promising and concerning patterns.

Her insights suggest that, despite the current bearish outlook, Solana could be poised for a bullish future. Notable formations, such as a large bull flag and a cup-and-handle pattern, indicate a potential target of around $400.

However, when examining a more focused perspective, a head-and-shoulders pattern emerges, which could signal a potential drop to as low as $70. Additionally, another head-and-shoulders pattern appears to be actively influencing Solana’s price movements.

In the last 24 hours, Solana has seen its price dip, currently trading below the $140 mark, continuing a downward trend. Over the past week, the layer 1 cryptocurrency has decreased by 10%, mirroring the broader volatility in the crypto market.

At the time of writing, SOL is priced at $139.51, reflecting a 4% drop during U.S. trading hours. The digital asset has fluctuated between a high of $144.79 and a low of $136.38.

Can SOL Recover or Are More Bearish Trends Ahead?

The ongoing market corrections are significantly impacting the entire cryptocurrency sector. If bearish pressure continues, Solana may soon test the $135 support level. Further bearish momentum could drive the price down to $130.

Technical indicators on the 4-hour chart for Solana suggest a consolidating bearish trend. The Moving Average Convergence Divergence (MACD) supports this outlook, with the MACD line positioned below the signal line, indicating a continued downward momentum.

Solana ETFs’ Uncertain Future Following Filing Discrepancies

Recent reports from Coingape media reveal developments regarding the proposed Solana ETFs by VanEck and 21Shares. As of August 17, documents related to their 19b-4 filings have mysteriously disappeared from the Cboe website. These filings, identified as SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067, were initially submitted following the SEC’s approval of similar Ethereum-based ETFs.

Users have noticed that both the direct links and their listings in the BZX Pending Rule Changes section are no longer accessible, raising concerns about the future of these Solana ETF initiatives.

However, should the bulls regain control and investor sentiment improve, Solana price could aim for the $145 level, with a potential rise to $150 and possibly even $180 in the next bullish phase.

Frequently Asked Questions (FAQs) About Solana Price