Solana News Today: Solana Falls 6.6% as $178 Support Break Weakens Bullish Outlook

Solana (SOL) is currently at a pivotal moment, with its price dropping to $169, marking a 6.6% decline over the past 24 hours after breaking below the crucial $178 support level [1]. This retest of a key psychological threshold—previously a resistance point—has now become a critical decision point for the token’s near-term direction. Traders and analysts are closely watching whether buyers will push the price back above this level in the coming sessions [1].

The recent pullback raises questions about the sustainability of earlier gains, as Solana’s price struggles to maintain the momentum that carried it upward in recent weeks. If the $178 level is successfully reclaimed, the token could potentially see a recovery toward higher targets, including $234, $261, and even $300, depending on market volume and buying pressure [1]. Analysts emphasize that the success of such a rally hinges on strong volume and a quick reversal, as prolonged weakness below $178 weakens the bullish narrative [1].

Conversely, a failure to bounce at $178 could send Solana into a deeper correction. The next key area of support lies between $140 and $160, a range where the token previously consolidated earlier this year. Should the price fall into this bracket, it could signal a continuation of bearish sentiment and potentially extend the decline into the mid-$100s [1]. CryptoPulse has described this scenario as a “make-or-break” moment for Solana, with market volume playing a decisive role in determining the path forward [1].

The broader market remains cautious, with traders waiting for clear signs of strength or weakness before committing to larger positions. A fast and firm rebound above $178 could shift sentiment and open the door for a renewed bullish trend in early August. However, the absence of significant buying pressure suggests that the window for a swift recovery is narrowing [1].

The coming sessions will be crucial in determining Solana’s immediate trajectory. Investors are advised to monitor the $178 level closely and assess whether the token can hold or retest with conviction. Until then, the price remains in a state of flux, with the outcome of this retest likely to shape the narrative for the rest of the month [1].

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[1] Solana Slips to $169 as $178 Retest Turns Risky for August: What’s Next for SOL Price? https://blockonomi.com/solana-slips-to-169-as-178-retest-turns-risky-for-august-whats-next-for-sol-price/