Solana Price Rebounds 2% But Faces Potential Drop to $160
Solana (SOL) experienced a nearly 2% price increase over the last 24 hours, providing some relief after a 13% decline from around $210 to $180 between August 14 and 15. Analyst Ali Martinez warns of potential further downside despite the recent recovery.
Key Market Insights
- Solana was rejected at $208, unable to maintain price above this level.
- Current support levels are at $180 and $160; a break below $180 could lead to a 17% decline.
- Sustaining prices above $180 may lead to consolidation, with bullish potential if resistance at $208 is breached.
- As of now, SOL trades at $192, reflecting a 2.83% gain over the past week.
- Trading volume decreased by 52.25% in the last 24 hours.
- The Fear & Greed Index indicates a sentiment leaning towards greed at 56.
- The SEC has extended its review period for certain ETF applications, which did not significantly affect Solana's market sentiment.
- Analysts predict SOL could reach $197 within a month and $219 in three months, assuming favorable market conditions.
