Solana price today has dropped by 11.68% and is currently listed at $115.21 with a 24-hour trading volume of $6.58 billion. With this, the altcoin has marked a new multi-week low. Notably, following Trump’s tariff announcement, the SOL token had experienced a double-digit drop. This also highlights a rise in distrust of investors in this blockchain technology.
On the other hand, weeker bullish influence, negative on-chain trends, and various external factors have also contributed for the Solana price to crash by approximately 20% over the last 30 days.
Considering the present market sentiments, investors are curious about the short-term price prospects of this altcoin. Are you one of many who are wondering the same? Hop on to find out the possible short-term Solana Price Predcition today!
SOL Price On The Verge Of A Major Breakdown?
After multiple failed attempts, Solana price today as plunged below its crucial support of $127 and is headed toward its lower price targets. With the recent correction, this altcoin is now trading at a 3-week bottom and a 24-hour low of $112.48.
The Moving Average Convergence Divergence (MACD) displays a rising red histogram in the daily time frame. Moreover, with its 14 & 26-day EMA recording a bearish convergence in the Solana price chart, the altcoin may continue trading under a bearish sentiment this week.
On the other hand, the Cross EMA 50/200-day records a constant downtrend in the price chart. This indicates a negative outlook for the 4th largest altcoin by market capitalization this week.
Will SOL Price Rise Back Up?
If the bearish sentiment sustains, the price of Solana could retest its important support zone of $110 within a short period. Furthermore, if the negative sentiment intensifies during the coming time, this could result in Solana price plunging toward its pivotal $100 mark.
However, if a bullish trend reversal occurs, SOL coin price could retest its immediate resistance level of $127 by the upcoming weekend. Maintaining the price above that level could set the stage for this altcoin to head toward its upper price target of $145 this month.
Also Read: SEC Acknowledges Fidelity’s Spot Solana ETF Filing
