Solana (SOL) Price Prediction as SOL Topples Heavily While Crypto Market Crashes

Solana price (SOL) toppled heavily on Monday while a broader crypto market was on the verge of a serious crash.

Solana (SOL) price saw a steep decline on Monday as the broader crypto market faced an impending doom. SOL’s bearish trading extended further after the coin registered a 40% loss over the past seven days.

At press time, Solana price was trading at $137.84, down by 0.8%. According to CoinMarketCap data, it previously dropped as low as $110 apiece.

Solana slid in tandem with the broader crypto market as traders awaited the introduction of Solana ETFs in the United States. However, the current sell-off in cryptocurrencies followed a 7.1% loss in the Nikkei 225 index on the Japanese stock market.

The sell-off in Japanese bank stocks was the worst since 2008 after the central bank decided to hike interest rates on August 2. This sudden market crash also led to the biggest 72-hour loss in nearly a year, wiping off nearly $500 billion from the total crypto market capitalization in three days.

Solana price saw a steep drop over the past seven days, leaving some concerned about whether the bullish trend will be able to sustain itself any longer. Moreover, heavy whale activity also suggested that the coin faced immense market selling pressure.

The $130 horizontal level, where the coin is currently trading at, has been an important point in Solana’s price history, continuously acting as both support and resistance since August 2021. This point played a crucial role in determining how the cryptocurrency’s price moved.

After surging past $130 in March last year, Solana’s price went on to hit a yearly high of $210. However, the price returned to this level on two separate occasions – once in April and again in July. Both times, the price bounced back from the $130 mark, suggesting that it still serves as a strong support level.

Despite the second bounce starting a bullish rally, Solana’s price failed to gain any momentum. The weekly candlestick, which is now turning bearish, is a worrying sign for the bullish outlook.

If the token manages to break this resistance level this time, we might see another rally to the original all-time high, likely crossing it this time around. Failure to break the $130 level, however, will keep Solana price range bound and pressured for trading.