Solana Price Continues Downtrend Amid Market Pressure
- Downward Price Trend: As of February 4, Solana (SOL) has slid to approximately $97, down 6.1% in the last 24 hours and 23% over the past week, indicating persistent selling pressure and a bearish market sentiment.
- Surge in Trading Volume: Despite the price decline, Solana's 24-hour spot trading volume increased by 32% to $6.55 billion, suggesting heightened market participation as investors may be positioning themselves for a potential rebound.
- Growing Institutional Interest: While Bitcoin and Ethereum ETFs faced net outflows, U.S. spot Solana ETFs attracted $104 million in inflows, indicating rising interest from traditional investors during the pullback, which could provide support for future price performance.
- Analyst Price Target Adjustments: Standard Chartered recently lowered its 2026 Solana price target from $310 to $250, citing near-term market pressures, yet maintains a bullish long-term outlook, forecasting SOL to reach $2,000 by 2030, reflecting confidence in its growth potential.
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Technical Analysis for SOL
Technical Sentiment Analysis for Solana (SOL) As of , Solana (SOL) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Solana (SOL) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 15.928 | 41.714 | 67.278 | 93.064 | 118.628 | 144.414 | 169.978 |
| Fibonacci | 41.714 | 61.33 | 73.448 | 93.064 | 112.68 | 124.798 | 144.414 |
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