Solana's market price is expected to fall to $100, mainly due to low market sentiment and declining trading volume. Although the price hit a high of $202 in March, it has now fallen to $134 and has fallen 6.77% in the past week. The lack of investor confidence has led to a decrease in network activity, with 24-hour trading volume falling 11% to $3,088,202,001.
Arthur Hayes believes that Aptos may replace Solana as the second largest Layer 1 blockchain within 1 to 3 years, and the rapid development of Ethereum Layer 2 also poses a threat to Solana. Analysts predict that Solana's price may fall to the support level of $116. Although its price has rebounded, it still faces the risk of falling if it fails to break through the resistance level of $157.
Solana is currently in a bearish trend, with the RSI and MACD indicators showing oversold conditions and bearish strength. Other technical indicators such as Stochastics, ROC, CCI, Williamson %R support this view. Moving averages also indicate that bears dominate the market. The price could drop to $102 and test the critical support level of $116. Despite the recent rebound, the overall trend remains bearish. Investors should pay close attention to technical indicators and market dynamics.
