Despite a strong start to the year, Solana’s fortunes are waning, with its value continuing to slide. Recently, SOL’s price dipped nearly 4%, settling at $145, which eroded almost all the gains it accumulated in July when it reached a peak of $193. This drop has led to growing concerns that SOL could plunge even further, hitting the $120 mark.
The downturn for Solana began as the summer transitioned into August, following a period of high expectations driven by the emergence of Bitcoin and Ethereum ETFs. SOL had been a promising candidate in the market, but as selling pressure increased, the optimism faded. The past 48 hours have seen SOL’s value consolidate between $141 and $148, placing it in what analysts describe as a “danger zone.” If SOL falls below this range, the likelihood of a freefall to $120 becomes more probable.
The situation for Solana is compounded by a significant drop in trading volume, which has decreased by 32% over the last 24 hours. This dec
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