SOL’s Wild Ride: Will It Hit $100 or Go Splat?

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Well, I say, old bean, it appears that Solana (SOL), that plucky little number with a fully diluted valuation of a cool $72 billion, has taken a bit of a tumble, slipping over 12% in the past seven days to a rather modest $127. Dash it all, the poor chap was recently given the cold shoulder at a crucial supply range around $147, which, if you ask me, rather increases the odds of a further selloff. Not exactly the stuff of dreams, what?

Is SOL Poised for a 15% Nose-Dive?

In the weekly timeframe, the SOL/USD pair has gone and broken below a multi-year rising logarithmic support trend. The recent rejection around $147 has confirmed a more bearish outlook in the midterm. I mean, it’s enough to make a chap spill his tea, isn’t it?

Since early 2024, SOL has been pottering about in a range between $251 and $103. With the recent macro bearish confirmation, it seems our friend SOL is on the cusp of a 15% drop towards the lower border of its horizontal consolidation. Jolly bad luck, that.

What’s the Bigger Picture, Old Sport?

Now, SOL has been following Bitcoin (BTC) like a faithful hound in its macro outlook. With the flagship coin trapped in a midterm correction, the SOL/USD pair is well positioned to drop in tandem. Still, one mustn’t lose one’s stiff upper lip entirely.

Bitcoin, you see, is expected to rebound towards a new all-time high as traders anticipate a gold reversal in the near term. As such, SOL is jolly well positioned to rebound from its multi-year support level around $100 towards the ATH in the near term. Pip pip!

The bullish outlook for SOL is backed by the network’s robust fundamentals, don’t you know. The approval of several spot Solana ETFs in the United States has created a clear avenue for institutional investors to get a bit of exposure to SOL. Rather spiffing, that.
Additionally, the ongoing implementation of the Genius Act has helped Solana’s stablecoin market cap surge to over $13 billion. Meanwhile, the imminent passage of the Clarity Act will be a major bullish trigger for SOL in the subsequent months. Top hole!

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2026-01-21 22:31