Solana Price Hovers Near $147 Amid 47% Volume Drop, Bearish Sentiment

Solana's price has been hovering around $147, with a slight increase of 0.25% in the last 24 hours. However, the market sentiment is divided, with some experts predicting a sharp drop while others see long-term growth potential. A crypto expert on X highlighted a descending broadening wedge pattern on the 12-hour chart, suggesting a potential breakdown toward the $120–$125 zone if selling pressure intensifies. Conversely, another expert noted that SOL’s long-term price target ranges from $169 to $420 per SOL.

The 24-hour trading volume for Solana has collapsed by over 47%, indicating that traders are stepping aside due to uncertainty. This low-volatility indecision is reflected in the price consolidation observed on SOL’s daily chart following the breakout from a descending channel pattern. If SOL breaks below the key support level of $141, the drop could extend to $120. Conversely, a daily close above $160 could reignite bullish momentum and drive a push toward $183.

Amid the ongoing market uncertainty, exchanges have recorded an inflow of $4.26 million worth of SOL in the past 24 hours. This substantial inflow suggests a potential dump and may indicate that investors and long-term holders are preparing to safeguard their assets in case the price dips further. Additionally, traders have been leaning toward a bearish outlook, with short positions reaching $78.42 million, sharply outpacing the $53.97 million in longs. This indicates that interest in short positions is significantly higher than in long positions, reflecting a strong bearish sentiment toward SOL.