- Solana has fallen 7.6% over the past 24 hours to a low of $166.
- Technical outlook on the daily chart indicates the price is taking a downward turn.
- Bulls looking to buy into the crypto recovery could target $200.
Solana has declined roughly 7.6% in the last 24 hours, trading down to a low near $166 as the drop accompanies a wider sell-off across cryptocurrencies.
As volatility prompts some investors to take profits, bulls appear likely to view the pullback as a buying opportunity.
Below is an overview of Solana’s technical picture.
Solana falls to a key support level
As noted, Solana’s price dropped about 7.6% in the past day and is trading around the $166 lows.
Data from CoinMarketCap shows Solana’s 24-hour trading volume rose about 25% to $7.38 billion, signaling elevated market activity.
This performance mirrors the broader crypto market, where Bitcoin (BTC) traded below $115,000, Ethereum (ETH) hovered near $3,500, and XRP slipped about 7% to roughly $2.90.
The overall sell-off pushed total liquidations to $758 million over the last 24 hours, according to market liquidation trackers, with SOL accounting for about $43.8 million of those liquidations.
The sudden price decline meant most liquidations affected bullish Solana positions; Coinglass data indicate roughly $42 million of the $43.8 million were long positions.
Bearish sentiment during this pullback has left SOL resting at an important support zone.
Could bulls use the drop to build momentum toward $200? Continued on-chain growth—as seen in metrics such as active users and network revenue—suggests Solana’s long-term fundamentals remain robust.
🚨BREAKING: @Solana has surpassed all L1 and L2 chains in Network Rev for the 10th consecutive month. pic.twitter.com/AN5WXf0qUW
— SolanaFloor (@SolanaFloor) August 1, 2025
Solana price forecast
Longer-term price forecasts for Solana in 2025 remain broadly bullish, with analysts identifying key breakout levels that could drive significant upside.
Conservative projections place SOL near $500 by the end of 2025, driven by Solana’s expanding ecosystem and growing institutional interest.
Spot ETFs and favorable regulatory developments could act as major catalysts for further gains.
But what do the near-term charts suggest as cryptocurrencies navigate another phase of selling?
On the daily chart, price remains inside an ascending channel but has slipped below the channel’s midline.
The Relative Strength Index (RSI) sits around 45, below the midpoint after SOL reversed from overbought territory.
RSI’s downward trajectory points toward a potential move toward the oversold zone.
The daily chart also shows Moving Average Convergence Divergence (MACD) indicators signaling bearish momentum following a bearish crossover.
A drop below $160 could test lower support levels around $145 and $130, while a reversal driven by renewed buying pressure would give bulls an opportunity to target $200.
As noted, some analysts project SOL could reach $500 in a sharp rally if approvals for Solana-focused ETFs and further positive catalysts materialize.