Quick overview

Live SOL/USD Chart

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Solana experienced a decline, dropping to $220 after reaching a peak of $240 earlier this week. This represents a loss of approximately 5% for the day, although it has still outperformed the broader cryptocurrency market over the past month.

The recent dip follows a year of robust revenue generation, totaling $2.85 billion, and significant network improvements, including plans for a major overhaul aimed at increasing speed. With important deadlines approaching for spot Solana ETF applications this week, October’s ETF spotlight could potentially trigger price discovery for SOL.

Sellers are pressing the price lower toward important support levels, leading to a negative short-term sentiment.

Based on the Solana price forecast for today, choppy trading is likely as SOL approaches a tough price ceiling. Selling interest might emerge between $235 and $240. A stronger barrier between $245 and $250 could make any bullish recovery harder to achieve. Historically, resistance around $235 has also served as a key short-term barrier.

Some chart analysts and technical indicators suggest that the $232 level represents another area of support. At present, the first crucial support level is in the $218 to $220 range. If this level is breached, Solana could continue to decline, potentially reaching the next significant support zone between $210 and $215.