Solana (SOL) Facing a Drop Below $170 ?
Despite a growing institutional interest in Solana, technical indicators suggest short-term uncertainty for the second-largest blockchain by market capitalization.
Institutional investors are heavily accumulating Solana (SOL) in anticipation of a potential altcoin season. Nearly 65% of the total SOL supply is now staked, and network application revenues reached a yearly record of $1.2 billion in the first quarter of 2025.
However, technical signals have recently deteriorated, including:
- A bearish Ichimoku cloud: The 4H Conversion Line (Tenkan-sen) is below the Base Line (Kijun-sen), indicating short-term weakness. The Lagging Span (Chikou Span) is also in a neutral to bearish trend.
- Negative BBTrend at -4.31: This signal reflects strong downward pressure and limited upside volatility on Solana.
- The threat of a death cross on moving averages: If the short-term moving average crosses below the long-term moving average, it could pave the way for a test of the crucial support at $160.
Which Way for Solana’s Price ?
If the support at $160 were to break, Solana could then drop to $153.99, or even $141. However, a return to bullish momentum would first see the price testing a resistance at $176.77, then aiming for $184.88, $187, or even beyond $190.
Currently, according to the MRC, Solana maintains its bullish momentum in 12H, with the critical support at $160. Solana could even target the range between $190 and $210 in the coming days. However, an increase in profit-taking above $180 could slow down this ascent.
Ultimately, while Solana is increasingly attracting institutional interest, current technical signals raise investor indecision. The next price direction will depend on SOL’s ability to hold its key support or initiate a meaningful rebound.
