The Solana (SOL) cryptocurrency’s price has faced a 3.2% correction over the last week after spiking on Tuesday. The sixth-largest cryptocurrency by market cap is currently trading around $180. SOL has considerable support at this price point and could consolidate at the $177 level or pick up steam.
Several crypto analysts are giving bullish forecasts for SOL in the coming weeks. There is a chance that SOL will grab liquidity at this price level and then make an ascent back to the $200 price point. On the other hand, there is also a possibility that investors will continue to sell, given the current bearish market environment. In addition, SEC delays on 5 Solana ETF applications (including Fidelity and Grayscale) until Fall 2025 created headwinds, though Polymarket odds still show 80% approval likelihood.
On the daily chart, Solana SOL has broken above the top of an ascending triangle, a structure that has been forming since March, and is now retesting the breakout zone. Crypto analyst Jonathan Carter pointed to this area as a possible support level. “A successful bounce could confirm the bullish breakout and drive the price toward targets at $205, $225, and $268,” he says.
Also Read: Solana Price Falls to $177 Support Level: Is It a Good Time to Buy?
If the retest holds, traders are watching for price moves toward $205 first level, where the asset reversed in April. Ultimately, Solana’s path could all depend on whether the crypto market as a whole recovers from its dip towards the end of this past week.
While this may signal a good time to buy the dip, that is always risky in crypt investing. There is a chance that SOL will continue to dip over the next few days. Investors are likely waiting for the next Federal Open Market Committee (FOMC) meeting scheduled for July 29. The FOMC meeting minutes will give clues on the Federal Reserve’s monetary outlook. The crypto market could experience a rally if the Federal Reserve decides to cut interest rates. Waiting for a few days to have more clarity on how the US monetary policy pans out could prove to be a good Solana entry strategy.