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Crypto asset Solana plummets 8%, trading at $167.73, as its price structure follows the pattern of the previous 600% surge setup.

Solana experiences a 8.1% drop to $167.73, still maintaining crucial support. The double-bottom structure and $154.74 pivot point indicate a possible breakout setup.

Solana Declines by 8%, Trading at $167.73, Echoing Similar Structural Price Pattern of Previous...
Solana Declines by 8%, Trading at $167.73, Echoing Similar Structural Price Pattern of Previous 600% Leap

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.

  1. 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.
  2. 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.

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