Solana Slides to $165: Bargain or Bust ?
Solana dropped 8% to reach lows of $165 amid widespread selling pressure in the crypto market
Quick overview
- Solana's price dropped 8% to $165 amid significant selling pressure in the crypto market.
- The 50-day SMA at $161 is now a critical support level, with potential for a rebound to $185 if it holds.
- The RSI indicates a shift in momentum towards the oversold zone, while the MACD suggests bearish trends.
- Analysts speculate that Solana's price could reach $500 if spot Solana ETFs are approved, despite current negative responses.
Live SOL/USD Chart
Solana dropped 8% to reach lows of $165 amid widespread selling pressure in the crypto market
The 50-day SMA ($161) now serves as the next support level. Bulls will try to push the SOL/USDT pair above $185 if the price rebounds from the 50-day SMA. Bears gain an advantage if the 50-day SMA is broken and closes below it. In that case, the price might fall to $126.
However, bulls might see the decline as a buying opportunity, especially as volatility prompts some investors to take profits. High buying pressure could see the altcoin rise to $209.
The Relative Strength Index (RSI) stands at 45 after SOL moved out of overbought territory, below the midpoint, and is declining, indicating a potential shift in momentum toward the oversold zone.
The Moving Average Convergence Divergence (MACD) on SOL’s daily chart also suggests bearish momentum following a downward trend. Some analysts expect SOL’s price to surge to $500 if spot Solana ETFs are approved.
The immediate response has been negative, although Project Crypto aims to legitimize blockchain markets and bring long-term clarity. Traders seem to be preparing for possible delays, enforcement challenges, or simply locking in profit gains.
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