After reaching its all-time high of $295, Solana's value faces bearish pressure, leaving investors pondering its future.
Current Solana Price Situation
Since falling below the psychological barrier of $200, Solana's price hovers between $169 and $176. Bears are in a waiting stance while bulls try to regain the upward trend. Although selling pressure seems to be easing, the price remains in a tight range, indicating a potential continuation at this level.
Factors Influencing Investor Sentiment
Despite negative events like the 'LIBRA memecoin rug pull' and the Meteora scandal, 44% of creditors remain optimistic about Solana's ecosystem. Over 71% of respondents are willing to buy SOL if its price falls below $145, signaling trust in the cryptocurrency's long-term potential.
Technical Analysis and Forecasts
Current indicators show market weakness: the Chaikin Money Flow remains below 0, indicating bearish dominance. However, support at $158 could keep the asset above $150. Forecasts suggest the possibility of strong long-term growth, especially amidst growing expectations from the spot ETF.
While hitting the $180 mark in the short term seems unlikely, the market could witness significant recovery in the longer term.
