Solana Price Prediction: Make or Break Moment Could End Up Pushing SOL to $180

The price currently sits at $145.2 per coin while trading volumes have gone up by 10% as SOL has retreated by 3.8% in the past 24 hours.

Fartcoin (FARTCOIN), Popcat (POPCAT), and Bonk (BONK) are some of the names that have propelled a meme coin craze recently and have ended up pushing the market cap this category within the Solana ecosystem to more than $6 billion.

Market sentiment has been improving recently heading to today’s important GDP report. The Fear and Greed Index has recovered from a record low of 15 to 52 at the time of writing, meaning that investors now have a Neutral outlook despite the significant headwinds that the U.S. economy is facing right now.

This morning, the Bureau of Economic Analysis (BEA) published the quarter-on-quarter variation of the U.S. Gross Domestic Product. According to the report, economic activity in the country shrunk by 0.3% during the first three months of the year compared to the same period a year ago.

The market sold off the news and pushed the price of most crypto assets lower as analysts expected a 0.3% expansion.

Solana Hits Key Support at $140

Looking at the daily chart, Solana has tagged its 21-day EMA today as a result of this selling spree. This is a key support to watch as the price broke through this important indicator just a couple of weeks ago with strong volumes.

In addition, this is the point of control (POC) for SOL as well, meaning that this has been the area where the most volume has been traded since the year started.

The $140 level seems to be the key support to watch to determine if this was a bear market rally or a true trend reversal.

Trading volumes don’t seem strong enough yet to break through this relevant area but the American session – the one with the strongest volumes – is just getting started so the jury is still out on what could happen next.

SOL Could Rally to $210 if It Bounces

From a technical perspective, this decline is not unexpected but also not necessarily supportive of the rally as SOL failed to break above some big order blocks as the selling pressure ultimately put down the rally.

Meanwhile, if the price bounces off this level, the most likely target for a bullish scenario would be the $180 level and then $210 as trading volumes are much lower above $155.

This is definitely a make or break moment for SOL and we could expect some sideways price action in the next few days on the lower time frames as market dynamics unfold.

Momentum indicators seem to be favoring a bearish outlook for now as the MACD’s histogram has been trending lower for six days in a row while the Relative Strength Index (RSI) just broke below its 14-day simple moving average – often a signal that a trend reversal is unfolding.

In case of a bearish breakout, the nearest support for SOL would be found at $123 per token, meaning a 13.4% downside potential from current levels.