Crypto asset Solana plummets 8%, trading at $167.73, as its price structure follows the pattern of the previous 600% surge setup.
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In the cryptocurrency market, Solana (SOL) has experienced a significant drop of 8.1%, retreating from its July high near $206 to around $178. This decline represents a temporary cooldown after a strong rally, with the price testing key technical support around $178.
Currently, the asset is trading slightly above its support level of $167.13, a critical area that will likely dictate its short-term price direction. If Solana breaks below this level, it could signal a deeper correction toward the low $170s. However, if it bounces back, potential targets for a recovery include the range of $186.40–$190.47.
The ongoing pullback includes three consecutive lower daily closes but rising open interest, suggesting some traders are still building positions despite the retreat. The confluence at the $167.13 area continues to provide some support to the short-term direction.
Looking beyond August, some analysts remain bullish, anticipating Solana attempting to reclaim $200 in August, with long-term projections targeting substantial gains, including a possible $800 all-time high by year-end based on technical optimism and ecosystem growth. However, near-term momentum remains mixed with critical price thresholds between approximately $142.76 and $204 marking the current volatility range.
Short-term trading strategies are closely monitoring the $154.74 entry level and the $144.67 stop-risk position for Solana. The current range of Solana's price holds, and the same triangle breakout level at $154.74 could remain an important pivot in the near term. Any attempt to break through the resistance level of $182.39 would likely require strong volume participation to sustain movement.
Solana's trading structure includes a double-bottom pattern and a defined trading channel. Traders are closely monitoring the $167.13 support level and the $182.39 resistance level. The double-bottom structure of Solana continues to hold, and it is currently trading above key support.
In summary, the current 8.1% drop places SOL at a key support level that will likely dictate its short-term price direction—with a potential breakout setup toward $190 or a deeper correction toward the low $170s, contingent on market and on-chain factors. Longer-term bullish forecasts persist but depend heavily on recovery in network activity and broader crypto stability.
- The ongoing drop in Solana's price within the cryptocurrency market has prompted some investors to consider investing in other finance and technology-backed crypto assets, as a temporary cooldown persists after a strong rally.
- As Solana's price competes for momentum, the confluence of the $167.13 support level, potential targets for a recovery such as the range of $186.40–$190.47, and the defined trading channel in the cryptocurrency market draws the attention of both short-term traders and long-term investors.