The veteran trader's recent post indicates bullish sentiment towards Solana's SOL. Despite the positive outlook, SOL's price has dropped by more than 14% since April 1, 2024.

At the moment, SOL is trading around $176, showing a 1.5% increase in the last 24 hours. However, over the past week, SOL experienced an 11% decline, while still showing a 40% gain in the last 30 days.

The decline in SOL's price can be attributed to bearish price trends and a recent report by Dune Analytics, highlighting a 76.8% non-vote transaction failure rate for Solana. This downward momentum is not exclusive to SOL but is observed across various cryptocurrencies.

Solana's technical analysis and key levels

Experts suggest that SOL is currently consolidating between the $200 and $170 price levels. The breakout above $200 could lead to a new all-time high, while a breakdown below $170 may result in a significant drop to $148.

In the past week, major cryptocurrencies like Bitcoin, Ethereum, Binance Coin, Ripple, and Dogecoin have also experienced notable price decreases. Bitcoin fell by over 3%, Ethereum by 5%, Binance Coin by 4%, Ripple by nearly 6%, and Dogecoin by over 15%. This trend indicates market sentiment and a correction phase ahead of Bitcoin halving.