Solana Price Drops to $140, Is a Fall to $134 the Next Move?

The post Solana Price Drops to $140, Is a Fall to $134 the Next Move? appeared first on Coinpedia Fintech News

Solana finds itself in the spotlight as yet another storm hits the crypto world. The price saw a sharp tumble, diving below major support levels while the entire market faces widespread fear. SOL price prediction now revolves around technical signals rather than optimism. 

The culprit? Market-wide risk-off sentiment, ETF outflows from Bitcoin and Ethereum, and a lackluster $46M in SOL ETF inflows. Selling pressure surged after algorithmic traders responded to the drop below the crucial $144.50-$140.80 demand zone. Volatility is up, and traders are eyeing lower support levels as the market recalibrates expectations. 

ETF Flows: Solana’s Tug-of-War

ETF inflows failed to ignite a sustained rally in Solana this week. According to Sosovalue data, daily net inflows into SOL ETFs reached $12.04M with total net assets at $541.31M, but these numbers pale in comparison with the $1.8B worth of Bitcoin and Ethereum ETF outflows that defined market sentiment.

Despite momentarily stopping the bleeding on October 28 and November 3 with inflows up to $70M, SOL could not sustain momentum. This suggests that ETF inflows alone can’t balance macro-driven selling pressures, especially as fear continues to sweep across risk assets.​

Is $134 the Inevitable Target?

Looking at SOL price charts, technical indicators point to a challenging landscape for bulls. After falling beneath both its 7-day SMA at $147.97 and Fibonacci support at $149.96, SOL price sits at $140.71, down nearly 16% over the week. The daily RSI at 29.9 screams oversold, yet the MACD’s strong negative histogram of -1.99 signals growing bearish momentum. 

Successively, momentum indicators and failed attempts to reclaim the $144.50-$140.80 zone make a further slide likely. I see $134.97 as the next major support, a level last tested in June. Resistance lines up for Solana price at $149.96 and $161.73. If selling persists and $134 breaks, the structure points toward a further drop near $129. 

That being said, recovery hopes hinge on closing above $144.90, which could trigger a swift move to $149.96 within 3-4 trading sessions. If bulls regain control, a bounce back toward $150-$161 is possible, but for now, bearish control defines the narrative.​

FAQs

What is driving Solana’s dip this week?

Solana’s price decline is fuelled by extreme market fear, technical breakdowns below support levels, and insufficient ETF inflows.​

What technical indicators are most crucial for SOL crypto now?

RSI at 29.9 highlights oversold sentiment, while MACD at -1.99 bolsters bearish momentum. Key levels to watch include $134.97 for support and $149.96-$161.73 for resistance.

When can recovery be expected for the SOL price?

If bulls reclaim $144.90 in the next few days, a recovery to $149.96 or higher could materialize within a week. Otherwise, a break below $134 signals further downside.