Solana’s price has been languishing near key support levels recently, with a bearish trend casting a shadow over its market performance. The digital currency is struggling to maintain its footing amid an overall downturn in the cryptocurrency industry. The decline reflects trends in the global cryptocurrency market, which is struggling with a major correction.
Solana: Analysts predict a possible surge to $400
Crypto analyst Sistine provides a detailed analysis of Solana’s current market movements, showcasing both encouraging and worrying patterns.
Based on her observations, from a broader perspective, Solana shows a potential bullish future with formations including a large bullish flag and cup-handle pattern suggesting a target close to $400.
However, when the view is zoomed out, a head and shoulders pattern emerges, indicating a possible drop to $70. Further inspection reveals that another head and shoulders pattern is actively influencing price action.
Solana’s price has been falling over the past 24 hours, with its value hovering below $140. This signals a continuation of the asset’s downward trend. The layer 1 cryptocurrency is down 10% over the past week, reflecting broader volatility in the cryptocurrency market.
As of reporting time, the SOL price is currently trading at $139.51, down 4% during the U.S. trading session. The digital asset has been hovering between a high of $144.79 and a low of $136.38.
Can SOL rebound or face more bearish trend?
The current market correction is affecting the entire cryptocurrency landscape. If the bears apply more pressure, SOL might soon touch the $135 support level. Sustained bearish momentum could push the price down to $130.
The 4-hour technical indicators for Solana price highlight a bearish pattern of consolidation. The Moving Average Convergence Divergence (MACD) further supports this bearish trend. The MACD line is below the signal line, indicating downtrend momentum.
After the disappearance, the future of Solana ETF is unclear
According to recent news from Coingape Media, there has been progress with VanEck and 21Shares’ proposed Solana ETF. As of August 17, documents related to their 19b-4 filings have disappeared from the Cboe website. The documents, identified as SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067, were originally filed after the SEC approved a similar Ethereum-based ETF.
Users noticed that both the direct link and its display in the BZX Pending Rule Changes section are no longer available. This removal raises questions about the future of these Solana ETF plans.
However, if the bulls make a comeback and investor sentiment improves, the Solana price prediction might initially target the $145 mark, followed by a possible rise to $150 and possibly even $180 in the next bullish move.
