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Key Takeaways:
- SOL trades near $147, with key support at $141 and potential upside above $160.
- Bearish volume and $78M in shorts highlight market skepticism.
- Mixed analyst forecasts point to either a sharp drop to $120 or a rally to $420.
Solana (SOL) continues to hover around $147, posting a modest 0.25% gain in the last 24 hours. While the price appears stable on the surface, the sentiment around SOL is anything but calm. Analysts and traders remain sharply divided, with predictions ranging from an imminent drop to $120 to a long-term surge toward $420.
Chart Patterns Signal Potential Breakdown
A well-known crypto analyst on X flagged a descending broadening wedge on SOL’s 12-hour chart—typically a bearish pattern. The expert labeled the setup as “very scary,” warning of a possible breakdown toward the $120–$125 zone if selling pressure intensifies.
$SOL Chart Looking Very Scary . pic.twitter.com/AlSlUKrz26
— Crypto Tigers (@Crypto_Tigers1) July 5, 2025
At the same time, other technical signals place critical importance on the $145 support level. According to AMBCrypto, SOL is consolidating around this point following a previous breakout from a descending channel. A move below $141 could confirm a bearish trend continuation.
Bullish Projections Offer Hope for the Long Term
Despite the short-term bearish setup, optimism hasn’t vanished. Another analyst on X claimed that Solana holds massive long-term upside, with projected price targets between $169 and $420. This bullish stance hinges on broader adoption and a recovery in network activity and altcoin momentum.
$SOL long-term growth potential is MASSIVE pic.twitter.com/2mEQt7EnFe
— curb.sol (@CryptoCurb) July 5, 2025
Still, conflicting predictions have led to market indecision, with many traders choosing to wait for a clearer breakout or breakdown before entering positions.
Trading Volume Plummets Amid Market Uncertainty
Solana’s 24-hour trading volume collapsed by over 47% according to CoinMarketCap, indicating that investor participation has dried up. The sharp drop in activity suggests that many traders are sitting on the sidelines as SOL struggles to reclaim momentum.
Meanwhile, data from CoinGlass revealed a $4.26 million inflow of SOL into exchanges over the last 24 hours—a sign that some holders may be preparing to sell if prices fall.
Market structure data paints a worrying picture. According to CoinGlass’ liquidation map, short positions totaling $78.42 million currently outweigh long positions ($53.97 million). Traders are heavily focused on the $145.1–$149.5 range, indicating expectations for continued downside pressure.
Also Read: Solana’s BONK Awakens: Is a 1 Trillion Token Burn About to Send Price Soaring?
If SOL fails to hold above key support and dips below $141, analysts expect accelerated losses toward the $120 zone. On the flip side, a daily close above $160 could reignite bullish momentum and open the door for a climb to $183.
Solana’s current sideways action may not last much longer. With rising bearish sentiment, declining volume, and heavy exchange inflows, the next move could be decisive. Investors and traders should watch the $141 and $160 levels closely.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
