Solana (SOL) has shed 18% of its value in the past 7 days as traders seem to have taken some profits off the table following the Federal Reserve’s decision to cut interest rates by 25 basis points last week. This decline has pushed the token to hit a critical support area at $200, and, depending on what the price action does moving forward, this could favor either a bullish or bearish Solana price prediction.
SOL has struggled to catch up with BNB Coin (BNB) and Ethereum (ETH), as these two have made new all-time highs during this cycle.
The highest level the token has hit thus far is $250, which is still 18% below its all-time record of $294 from January this year.
The successful implementation of the Pectra upgrade by Ethereum helped the latter improve its reputation among market participants, as it enhanced the network’s scalability and reduced gas fees.
Solana continues to rank second in terms of total value locked (TVL) amid the rising popularity of meme coins and launchpads like Pump.fun and LetsBonk. DEX trading volumes in the past week have dropped by nearly 7% but have still been rising since July.
Using a run rate of this month’s accumulated volumes, this metric is poised to increase by 5.2% to $128 billion by the end of September.
This indicates that interest in the Solana ecosystem remains strong. Meanwhile, the launch of a spot exchange-traded fund (ETF) for the token by REX-Osprey and various millionaire corporate treasuries that will focus on SOL reflects growing institutional interest in Solana.
Solana Price Prediction: Momentum Readings Favor a Drop to $180
The daily chart shows that SOL’s $200 threshold is critical from a technical standpoint, as this area has been both a horizontal and trend line support for the token. Meanwhile, the psychological relevance of round numbers like this tends to attract significant buy volumes from institutions.
Trading volumes have neared $10 billion in the past 24 hours, meaning that this is a highly contested level for market participants.
If this key support holds, we could witness a strong push for SOL in the near term as the market will set a new floor for the token.
That said, the Relative Strength Index (RSI) has dropped like a rock and crossed below the 14-day moving average. This is commonly considered a sell signal, as it means that bearish momentum has gained significant traction in a short period.
The next support area to watch in case of a bearish breakout would be the 200-day exponential moving average (EMA) for SOL at $180. This means a 10% downside risk if the $200 level is lost.
Despite the latest wave of selling, the outlook for crypto remains positive as adoption is accelerating and macroeconomic conditions are favorable. In this environment, the top crypto presales like Snorter ($SNORT) are poised to outperform well-established tokens like SOL.
Snorter ($SNORT) Makes Automated Trading for Meme Coins Easy
Snorter ($SNORT) is the token powering a Telegram bot built for traders who want speed without the chaos.
Instead of juggling dashboards, charts, and risky contracts, the Snorter Bot puts every valuable bit of information into a single chat window.
With a tap, users can create a wallet, scan tokens for hidden traps, and execute swaps in seconds. The bot’s custom Solana routing engine is designed to execute sub-second trades while filtering out blacklisted assets, potential rug-pulls, and other common scams.
Beyond quick swaps, Snorter offers limit orders, automated sniping, mirror trading, and well-timed exits – all through simple chat commands. Early buyers also get access to referral rewards and a deflationary supply model as tokens are burned along the way.
The presale ends in just 24 days. Thus far, the project has raised nearly $3.5 million to launch the trading bot. Seize the moment and buy $SNORT before it explodes.
Simply head to the Snorter website and link a compatible wallet like Best Wallet. You can either swap USDT or SOL for this token or use a bank card at checkout.
