Solana (SOL) Price Prediction & Analysis: 103% Volume Surge Brings Hope as Bears Push Below $120

Solana (SOL) Price Prediction & Analysis: 103% Volume Surge Brings Hope as Bears Push Below $120

TLDR

• Solana (SOL) has dropped approximately 15% over the past week, trading around $118-119 after breaking key support levels.
• Technical analysis shows SOL in a bearish triangle formation with critical support at $118, below which it could decline to $99, $79, or even $58.
• SOL’s 24-hour trading volume has increased by 103.28%, potentially signaling future price movement.
• Recently launched Solana ETFs (SOLZ, SOLT) are struggling with minimal volume, performing 80 times worse than Bitcoin’s BITO ETF.
• The Solana Policy Institute was recently launched in Washington D.C. to advocate for Solana’s interests in regulatory discussions.

Solana (SOL) is experiencing significant downward pressure, testing a critical support level at $118 as bears continue to dominate the market. The cryptocurrency has shed approximately 15% of its value over the past week, briefly dropping to the seventh spot in market capitalization rankings before reclaiming the sixth position.

Currently trading at around $119.75, SOL has fallen from $124.76 at the beginning of the latest 24-hour trading session, representing a 3.72% decline. Despite reaching an intraday high of $135.69, sellers pushed the price down to $116.98 before a modest recovery to current levels.

The market capitalization of Solana stands at approximately $61.39 billion, with a 24-hour trading volume of $6.04 billion. This represents a substantial 103.28% increase in volume, potentially indicating heightened market activity as traders position themselves for SOL’s next move.

The cryptocurrency’s circulating supply is currently 512,627,741.55 SOL out of a total supply of 597,686,854.75 SOL.

Technical Indicators Signal Continued Weakness

Solana’s price chart displays a bearish triangle formation, which typically signals a continuation of the downward trend. The cryptocurrency attempted to break above the upper boundary of this pattern but failed due to insufficient bullish momentum.

This rejection pushed SOL back toward the lower boundary of the triangle, bringing the $118 support level into focus. This level has historically acted as a strong demand zone, where buyers have stepped in to absorb selling pressure.

The Bollinger Bands indicator shows increased volatility, with SOL trading near the lower Band support at $116, suggesting strong downward momentum. The cryptocurrency faces immediate resistance at the middle Band ($129.73) and further resistance at the upper Band ($143.42).

SOL’s Relative Strength Index (RSI) sits near 38.45, approaching oversold territory. However, without strong buying support emerging, Solana could continue its downward slide.

Support and Resistance Levels to Watch

Current price action identifies $135.69 as SOL’s immediate resistance level, with $147.05 and $152.77 as secondary and tertiary resistance points. These levels will need to be broken for any sustained recovery.

On the support side, $116.98 serves as the immediate support, followed by $113.18 and $110.06. If the $118 level fails to hold, analysts suggest SOL could drop toward $99, where some buyers might attempt to slow the decline.

Should market sentiment weaken further, Solana might test $79, a crucial psychological and technical support zone. In a worst-case scenario, continued bearish pressure could push the price toward $58.

According to market analyst CURB, who forecasted on March 15 that Solana would decline to the $118 support level, this zone could potentially trigger a rebound. The analyst believes strong demand in this area could fuel a price surge to $1,000 in the long term.

$SOL

New Roadmap for Solana just dropped.#SOLANA ⚡️ pic.twitter.com/F13cW0YYUL

— curb (@CryptoCurb) March 15, 2025

Institutional Interest and Market Developments

Adding to SOL’s current challenges is the lukewarm response to recently launched Solana ETFs. On March 20, Volatility Shares introduced the Solana ETF (SOLZ) and the 2x Solana ETF (SOLT).

Bloomberg ETF analyst Eric Balchunas reported that these Solana futures ETFs have seen minimal volume, performing approximately 80 times worse than Bitcoin’s BITO ETF in their first few days. This underperformance suggests limited institutional interest in accessing SOL through these specific ETF vehicles, potentially reducing market support.

The new Solana futures ETF hasn't done much, a million in volume first few days is decent for normal ETF but nothing vs btc, about 80x less than $BITO's first few days or $IBIT's. Like we've said, the further you get away from btc the less asset there will be (which rhymes btw) pic.twitter.com/OqoIpzdeel

— Eric Balchunas (@EricBalchunas) March 31, 2025

On the regulatory front, Miller Whitehouse-Levine, formerly head of the DeFi Education Fund, has launched the Solana Policy Institute. This nonprofit organization will advocate for Solana’s interests in regulatory discussions, emphasizing the need for “smart regulation” as lawmakers increase scrutiny of digital assets.

Looking ahead, despite the current price decline, some analysts remain optimistic. The increasing 24-hour volume suggests potential for a recovery. If bullish momentum returns, SOL’s price could see an 11.01% increase over the next month, potentially reaching $140.10.

For now, the $118 support level remains crucial. Bulls must defend this zone to prevent further decline, while a successful defense could serve as a springboard for a recovery.

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