The bad news keeps coming for Solana, as the token has dropped to $143, but does not seem to deter traders’ belief in SOL’s eventual bounce back. There are very firm expectations that the asset can return to form, approaching the highs it experienced earlier this summer.
Solana has dropped more than 15% in the last 30 days, according to CoinMarketCap. Moreover, its 2% drop in the last week has it attempting to stay close to the crucial $145 mark. Although its fall has been notable, there are many who are anxiously awaiting an expected rebound.
Also Read: Solana ETF Filings Removed from CBOE Amid Denial Rumors
Solana Keeps Falling as Expectations for a SOL Surge Hold Firm
There were few cryptos with the potential Solana boasted at the start of the year. The asset was viewed as one of the market’s big three. Behind Bitcoin and Ethereum, it was set to skyrocket this year. Throughout July, it was making good on those expectations.
Historical data shows asset reached a monthly high on July 28th, when it reached a price of $193. Indeed, it had performed immensely well throughout that month. All of that changed with the arrival of August. SOL had gone from $171 on the last day of the month, $110 low just five days later.
A lot of that was due to the crypto market flash crash on August 5th. However, things may be turning around. Although Solana has kept falling to the $143 level, SOL is predicted to surge 12% in the coming days.
Also Read: Solana Falls 9%: Why Analysts Still Predict SOL to Reach $260
The network has thrived in the stablecoin sector. Recent data shows that Solana’s stablecoin supply has exceeded $3.76 billion last week. That is an increase of 156% this year. Moreover, Solana’s total value locked is moving closer to the important $5 billion mark.
Additionally, SOL is facing a multi-month upward trend that first began in October of last year. With it firmly above $140, there is an expectation that the token could target the $160 level soon. That would showcase a 12% increase amid its 50% Fibonacci retracement level from its March 18th drop from $210.