Solana's cryptocurrency, SOL, recently fell by 4.24% in just 24 hours, sinking to $149.46 after hitting a peak of $158.54 earlier. The decline happened as SOL broke below the key $155 support level, with a noted bottoming out at $148.68 before stabilizing around the $150 mark. Despite this pullback, certain institutional investors remain hopeful about Solana's future prospects. Notably, investment firm Cantor Fitzgerald has initiated coverage on three public companies—DeFi Development Corp, Sol Strategies, and Upexi—that consider SOL as a treasury asset, rating all three as 'overweight'. Analysts from Cantor highlighted that Solana showcases stronger developer activity compared to Ethereum, offering on-chain data supporting its performance advantages.
Even with the current price correction, SOL still holds above the previous week's support levels. Traders are closely monitoring whether it can maintain the $148 to $150 range or if a further drop is imminent. Technical analysis reflects a notable drop of 7.0%, marking significant volatility, especially as SOL's trading volume surpassed 2.7 million shortly before the price decline. The price action has raised questions about stability, as SOL fluctuated between $151 and $154 before settling into a narrower range, indicating a struggle for momentum on both sides of the market.
Even with the current price correction, SOL still holds above the previous week's support levels. Traders are closely monitoring whether it can maintain the $148 to $150 range or if a further drop is imminent. Technical analysis reflects a notable drop of 7.0%, marking significant volatility, especially as SOL's trading volume surpassed 2.7 million shortly before the price decline. The price action has raised questions about stability, as SOL fluctuated between $151 and $154 before settling into a narrower range, indicating a struggle for momentum on both sides of the market.
