Solana News Today: Solana Slides 4.88% as Traders Watch $168.71 Support Level

Solana (SOL) is currently navigating a volatile phase as it struggles to maintain key support and resistance levels in early August. As of August 1, the price of Solana stands at $168.17, marking a 4.88% decline over the past 24 hours [1]. The broader market sentiment is bearish, with all top 10 cryptocurrencies in the red zone [1].

Technical analysis indicates that the immediate focus for traders is the $168.71 level. Failure to close above this threshold increases the likelihood of a correction toward the $160 area [1]. On the hourly chart, the price has pulled back after a failed breakout at $171.84, reinforcing bearish momentum. A break below the $165 level could trigger further downward movement [1].

Looking at the daily chart, the price remains below critical psychological levels. Analysts are monitoring the $168.71 level as a key decision point—if the price does not stabilize here, a continuation of the correction toward the $160 area is expected [1]. From a medium-term perspective, a close near the session’s low could signal a test of the $150–$160 range in the coming days [1].

While the short-term outlook remains bearish, some analysts are identifying potential bullish triggers. A harmonic pattern and a buy signal have been noted, suggesting a possible reversal toward $220 if the price retests key levels [2]. Traders following Rai’s analysis highlight a potential breakout to $207.40 if Solana stabilizes near $184.52 [3]. These, however, remain speculative and have not yet translated into market action.

Bearish indicators persist, with Solana testing a key support level at $166. Despite some attempts by bulls to “buy the dip,” the 24-hour drop of 7.6% underscores the ongoing bearish pressure [5]. The $158–$180 range is widely seen as a decisive battleground—if Solana can reclaim $180, it may signal the beginning of a broader rally [7].

The market is closely watching whether Solana can maintain a position above $158 to regain bullish momentum [7]. Some forecasts suggest the price could stabilize between $182–$185 in the next 24–48 hours [9]. A break above $191 could drive the price toward $195–$200, while a breakdown below $180 may lead to further testing of support levels [9].

Despite the current bearish trend, Solana remains above its 20 and 50-day exponential moving averages at $181.22, suggesting it has not yet fallen out of a healthy trend [8]. However, the failure to clear $200 this week has left uncertainty about the path forward [6].

Overall, while short-term volatility is expected, the August price trajectory will depend on whether Solana can hold key psychological levels and attract renewed institutional or retail interest. Analysts remain divided, with some anticipating a test of $150–$160 in the near term and others predicting a potential surge toward $260 based on whale activity and short positioning [2][4].

Source:

[1] https://u.today/solana-sol-price-prediction-for-august-1

[2] https://bravenewcoin.com/insights/solana-price-prediction-harmonic-pattern-and-buy-signal-hint-at-220-reversal

[3] https://www.ainvest.com/news/solana-news-today-solana-nears-200-analysts-predict-potential-3-7-price-surge-2508/

[4] https://bravenewcoin.com/insights/solana-price-prediction-bearish-breakdown-or-bullish-reload-market-watches-170-175-zone-closely

[5] https://coinjournal.net/news/solana-price-forecast-as-sol-bulls-look-to-buy-the-dip/

[6] https://coincentral.com/solana-sol-price-predictions-for-august-whats-in-store/

[7] https://cryptoticker.io/en/should-you-buy-solana-after-the-etf-news/

[8] https://financefeeds.com/bitcoin-btc-price-eyeing-new-highs-are-solana-sol-and-remittix-rtx-set-to-lead-altcoin-season/

[9] https://coindcx.com/blog/price-predictions/solana-price-weekly/