Solana Price Failed to Break Out, Technicals Turn Bearish—What’s Next?
With the launch of the official TRUMP (TRUMP) memecoin, Solana Network has recorded staggering DEX trading volumes. These levels set a record for monthly transaction volume of over $200 billion, a level that has not been reached by any other network to date. This prompts SOL price Breaking out of the consolidation of the past few days. However, bears capped the gains, suggesting that the current downtrend may continue.
SOL price has once again touched key resistance at $270 for the fifth time in the past few days, suggesting bulls are focused on rising levels outside of consolidation. Meanwhile, inefficiency persists above the range, indicating a lack of strength, primarily due to a significant drop in volume. Unfortunately, the technical picture has also turned bearish, indicating the beginning of a downtrend.
Will SOL prices drop significantly? Could support at $240 provide the foundation needed to trigger a rebound?
After the recent rally from a bottom near $175 to new highs above $295, market participants have become highly optimistic about the next price move. At the same time, the rejection of the same resistance confirms the strong presence of the bears, which may make it extremely rigid. STOCHRSI has reached its lower limit, suggesting a rebound may be imminent. However, the price is testing the key 50-day EMA, a breakout of which could drag the price below $240.
Solana Network has become the most popular platform for memecoin, which has dragged down huge liquidity. However, considering the current price trend, the hype will still last for a short period of time, which will have a serious impact on SOL prices in the future. Meanwhile, the push from large institutions for the Solana ETF has been making a lot of noise, so the chances of the bullish continuation remain high.
Therefore, Solana (SOL) price may fall now, but support at $240 or $237 may provide a solid base to prevent further pullbacks.
