Solana’s Scary Chart: Will SOL Plunge to $120 or Soar to $420?

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  • Solana must hold the $141 support. Otherwise, a further drop could test $120.
  • Short positions dominated with $78.42 million, exceeding longs by over $24 million.

Solana [SOL] continued to drift sideways near $147, recording just a 0.25% uptick in the last 24 hours. 😴

But under this seemingly calm surface, traders and analysts are firing off conflicting predictions—from sharp drops to wild rallies. 🎢

Solana chart patterns spook traders

On X, a crypto expert flagged a descending broadening wedge on the 12-hour chart, labeling the setup as – 

“$SOL Chart Looking Very Scary.”

According to the pattern, a breakdown toward the $120–$125 zone is possible if selling pressure accelerates. 😱

Meanwhile, another expert shared a post, stating that SOL’s long-term growth potential is massive. The post noted that the long-term price target ranges from $169 to $420 per SOL. 🚀

As mixed calls poured in, sentiment wavered, fueling both hope and hesitation across the market. 😕

Solana’s volume vanished?

According to CoinMarketCap, 24-hour trading volume collapsed by over 47%, a clear signal that traders were stepping aside. 🚶‍♂️

This sharp drop in participation came as SOL hovered around the $147 mark, caught in a period of low-volatility indecision. 😴

Such a decline often reflects uncertainty. Without a directional move, many traders prefer to wait it out, especially when the broader structure lacks a strong trend. 🤔

AMBCrypto’s technical analysis observed that SOL is at a make-or-break point, as it appears to be struggling at a key support level of $145.

This ongoing price consolidation has been observed on SOL’s daily chart following the breakout from a descending channel pattern.

If SOL breaks below $141, the drop could extend to $120. Conversely, a daily close above $160 could reignite bullish momentum and drive a push toward $183. 📈

$4.26 million worth of SOL sent to exchanges

Data from Spot Inflow/Outflow revealed that, amid the ongoing market uncertainty, exchanges have recorded an inflow of $4.26 million worth of SOL in the past 24 hours. 📈

This substantial inflow suggests a potential dump and may indicate that investors and long-term holders are preparing to safeguard their assets in case the price dips further. 😟

$78 million in bearish bets 

Not only investors, but traders have also been leaning toward a bearish outlook.

At press time, they were over-leveraged around $145.1 on the lower side (support) and $149.5 on the upper side (resistance).

Within that range, short positions reached $78.42 million, sharply outpacing the $53.97 million in longs.

This indicates that interest in short positions is significantly higher than in long positions, reflecting a strong bearish sentiment toward SOL. 🐻

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2025-07-07 07:09