Solana (SOL) Drops 8% Amid Crypto Market Volatility, Tests Key Support Levels

Solana’s SOL token dropped 7.87% in the last 24 hours, falling from $159.60 to a low of $142.13 before stabilizing at $147.07. The decline mirrors renewed volatility across the broader crypto market, with intraday selling pressure peaking late Thursday into early Friday. Despite short-term weakness, technical indicators show some accumulation near support, with volume spikes at 13:31 and 13:39 UTC suggesting buyer interest.

SOL now trades nearly 40% below its March highs, adding pressure to long-term forecasts. In late May, Standard Chartered initiated coverage on Solana, projecting a year-end price of $275 and a long-term target of $500 by 2029. The bank cited Solana’s speed and efficiency as key strengths but acknowledged market skepticism due to its recent meme-coin-driven activity.

The gap between Solana’s current price and bullish forecasts poses a dilemma for long-term investors—whether to view the recent pullback as a buying opportunity or a signal of deeper structural concerns. Standard Chartered predicted Solana would underperform Ethereum in the short term but positioned it as a high-beta asset that could surge with broader retail adoption.

Technically, SOL formed a consolidation range between $143.50 and $146.50, with higher lows since 02:00 UTC hinting at possible bullish divergence. Resistance stands near $152; a break above this level could reverse short-term bearish momentum.

Solana’s ability to regain upward momentum will likely depend on improved macroeconomic sentiment and increased on-chain activity. Until then, traders are watching the $143 support level closely for signs of sustained buying pressure.