Solana (SOL) Price Correction Extends, Trading at $171 After Dropping 2.9%

Solana price extended its correction on Thursday, trading at $171 at the time of writing after declining by 2.9%. The crypto coin declined by nearly 4% on Wednesday, and a second successive decline threatens to breach the $170 psychological support mark.

Solana price extended its correction on Thursday, trading at $171 at the time of writing after declining by 2.9%. The crypto coin declined by nearly 4% on Wednesday, and a second successive decline threatens to breach the $170 psychological support mark.

The coin is also under pressure from Ethereum, which has been among the top-performing altcoins, gaining 30% in the last week, thrice as much as Solana’s. Ethereum’s market capitalisation grew by $68 billion in that time frame, about 78% of the value of Solana’s entire market capitalisation.

However, Solana price has strong support from Solana chain’s meme coin ecosystem. Top Solana-based meme coins have been on a strong uptrend in the last week, with WIF gaining 60%, BONK up by 18.5% and PNUT rising by 104% during that period. That means increased utility for SOL for settling transaction fees, adding propulsion to the coin. However, the last 24 hours saw a majority of meme coins turn red, exerting downward pressure on Solana price.

On a positive note, the rising trading volume on the Solana blockchain. The ecosystem led DEX trading volume in the last week, recording 48% surge in that period to hit $27.48 billion. That signals growing investor interest, which will add support to the SOLUSD trading pair.

Solana Price Prediction

The momentum on Solana price calls for a downward action below the pivot mark at $172. The coin will likely find its initial support at $168. A stronger downward momentum will break below that level and clear the path to potentially test $165.

Conversely, going above $172 will signal the onset of bullish control. That will likely see primary resistance established at $175. A break above that level will invalidate the downside narrative. In addition, an extended control by the sellers could take the action lower and test the second hurdle at $178.Solana price extended its correction on Thursday, trading at $171 at the time of writing after declining by 2.9%. The crypto coin declined by nearly 4% on Wednesday, and a second successive decline threatens to breach the $170 psychological support mark.

The coin is also under pressure from Ethereum, which has been among the top-performing altcoins, gaining 30% in the last week, thrice as much as Solana’s. Ethereum’s market capitalisation grew by $68 billion in that time frame, about 78% of the value of Solana’s entire market capitalisation.

However, Solana price has support from Solana chain’s meme coin ecosystem. Top Solana-based meme coins were on a strong uptrend last week, with WIF gaining 60%, BONK up by 18.5% and PNUT rising by 104% during that period. That means increased utility for SOL for settling transaction fees, adding propulsion to the coin.

However, most meme coins turned red in the last 24 hours, exerting downward pressure on Solana price.

On a positive note, the rising trading volume on the Solana blockchain. The ecosystem led DEX trading volume last week, recording 48% surge in that period to hit $27.48 billion. That signals growing investor interest, which will add support to the SOLUSD trading pair.

Solana Price Prediction

The momentum on Solana price calls for a downward action below the pivot mark at $172. The coin will likely find its initial support at $168. A stronger downward momentum will break below that level and clear the path to potentially test $165.

Conversely, going above $172 will signal the onset of bullish control. That will likely see primary resistance established at $175. A break above that level will invalidate the downside narrative. In addition, an extended control by the sellers could take the action lower and test the second hurdle at $178.