CoinVoice recently learned that according to Cointelegraph, the price of Solana (SOL) has continued to weaken recently, with a weekly drop of 19.14% at the end of August, the second largest drop since 2024. Data shows that SOL has closed below the 200-day moving average for many consecutive days, the first time since September 2023. Technical analysis shows that SOL is facing a test of the key support level of $127. Since April 2024, SOL has briefly fallen below $120 six times, but each time it has closed above $127. However, this decline has lost the support of the 200-day moving average. If it falls below $127, the next target price may be $110.

In the derivatives market, open interest rose by 20%, and the funding rate was negative for a week, reaching -0.001, the lowest since 2024, further confirming the bearish sentiment in the market. In terms of on-chain activities, the DEX trading volume of the Solana ecosystem fell to US$7.7 billion last week, a 6-month low. Independent trader Bluntz_Capital pointed out that the SOL/BTC weekly chart performed poorly and may have peaked. If the market continues to be bearish in September, SOL may retest the demand range of US$98-104. In the worst case, SOL may fall below the US$100 mark. [Original link]