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Solana Trading Range Indicates Potential Price Fall To $160 – Analyst

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The Solana (SOL) market has registered a near 2% price increase in the last 24 hours, representing slight relief for investors enduring steep losses from the last week. Between August 14 and 15, the altcoin tumbled by roughly 13%, sliding from near $210 to around $180 as broader crypto markets reacted to US Producer Price Index (PPI) data. Despite the short-term recovery, prominent market analyst Ali Martinez warns that Solana may remain in danger yet, projecting the potential for further downside in the days ahead.

Solana Rejected At $208, Key Support Levels At $180, $160 In Focus

Į X pranešimas on August 16, Martinez outlines a bearish technical outlook on the Solana market following a solid rejection at a key technical price level. Solana surged above $200 this week, marking the first time in this price region since July 23. However, the altcoin was unable to sustain its upward trajectory, encountering resistance at the $208 price level.

Solana

Notably, this price region forms the upper boundary of a well-established trading price channel whose lower boundary lies around $160. Therefore, there is strong potential for the current retracement to persist with initial support targets set around $180, i.e., the midline of the trading range under study. However, a decisive price break below this level would force SOL to $160, indicating a potential 17% decline from present spot market prices.

On the other hand, if Solana bulls can sustain prices above $180, it would invalidate these bearish projections, perhaps pushing the altcoin into consolidation. However, Solana must decisively claim the price resistance around the $208 region to show bullish intent, with potential upside targets set around $250.

Solana Price Outlook

At the time of writing, Solana (SOL) trades at $192, representing a net gain of 2.83% over the past week. However, the asset’s trading volume has dropped sharply, plunging by 52.25% in the last 24 hours, signaling a significant decline in recent market activity. Despite the reduced volume, investor sentiment around Solana remains broadly positive. According to data from Coincodex, the current Fear & Greed Index stands at 56 (Greed), indicating a leaning toward bullishness.

Meanwhile, the US Securities and Exchange Commission (SEC) recently paskelbė . an extension of its review period for the Bitwise and 21Shares spot Ethereum ETF applications. The decision had little impact on investor sentiment toward Solana, as such extensions are a standard procedure in the SEC’s handling of crypto-related filings. The commission is expected to reach its final deadline in October.

Looking ahead, Coincodex analysts maintain a cautiously optimistic outlook for SOL’s price. Their forecasts project Solana at $197 over the next month, and a potential climb to $219 within three months, should broader market conditions remain supportive.

Solana

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