$SOL Price Analysis: SOL Dips After Recovery Hints, What’s Next?- 36Crypto Analytics
📊 Solana (SOL) faced mixed sentiments in August. On one hand, there were positive developments like the upcoming Solana ETF, memecoin rallies, and MEW's listing on WhiteBIT. On the other, investor reluctance prevailed.
📈 Before August 5: Solana showed promising signs due to potential ETF approval, with Bloomberg’s Eric Balchunas hinting at a possible mid-March 2025 approval. The memecoin rally, particularly MEW's rise and listing on WhiteBIT, boosted Solana’s on-chain activity, with TVL reaching $5.436 billion.
📉 August 5 Slump: Solana fell 30% to a low of $109.93 but bounced back to $139.87 by August 7. The coin struggled to break the $127 support level, marking it as a potential bottom zone. Despite the drop, on-chain activity peaked, indicating strong buying interest and TVL sustainability.
🔮 Current Outlook: SOL is navigating between crucial support and resistance levels. If the downtrend continues, support could be at $128.88 (23.60% Fib retracement) and $116.79 (50% Fib retracement). A rebound above $145 might signal recovery, with the next key level at $162.60 (61.80% Fib retracement). Traders should watch geopolitical events and economic meetings for market direction.
