Solana Price Prediction: Will Solana Coin CRASH to BELOW $100?
The recent excitement around Solana's ETF application initially drove SOL's price up by 10%. However, this bullish trend couldn't hold, leading to a subsequent dip. Analysts remain optimistic about Solana's future, but its short-term outlook appears bleak. Will it go too low?
Solana Price Analysis: Long Term Optimism
Currently, SOL Coin price is range-bound between $132 and $143, experiencing an average of 5% drop in the last 24 hours due to market sell-offs. The daily chart reveals a Relative Strength Index (RSI) indicating bearish momentum. If this bearish phase continues unchecked, SOL's price may decline further.
Crypto traders and analysts have provided a prediction for SOL, considering bear, baseline, and bullish scenarios if the Solana ETF is approved. They estimate that a spot Solana ETF could capture 2%, 5%, and 14% of Bitcoin inflows for each phase, potentially driving SOL's price to $1,192 in the long term.
SOL Price Prediction: SOL Coin Stuck in Wait-and-See Mode
The Cumulative Volume Delta (CVD) currently shows a negative net difference, with over 127K tokens sold compared to those bought. This suggests a prevailing selling pressure in the market for Solana Coin.
Additionally, SOL has formed a rounding top and an inverted cup and handle pattern on the daily chart. These patterns indicate a bearish continuation, possibly leading to a further decline, bringing the price down to $126.94. However, if buying pressure increases or if SOL Coin becomes oversold, this prediction may be invalidated, potentially pushing the price back up to $145.25.
Having established these support and resistance levels remain very conservative, in a sharper crash in the market and mainly in that of Bitcoin and Ethereum in particular, Solana price can break the $6 level and go down to below $120, but with that, it would highly unlikely to break the strong emotional level of $100, based on current price indicators.
SOL ETF: An Approval or Rejection expected?
A recent Galaxy Research paper suggests that the U.S. SEC may not approve Solana ETFs. The lack of a futures Solana ETF and previous labeling of the token as a security are cited as significant obstacles. Adding more pressure on the Solana price, after giving it a slight boost a few days ago.
