Solana (SOL) Price Drops To Multi-month Low: Could it Dip to $79 or Push For Recovery?

The price of Solana (SOL) has dropped to as low as $113 earlier this week where it marked the lowest level since March 2024. This drop in SOL price is attributed to the recent market downtrend while also aligning with the huge token unlocks that will inflate its market supply in huge numbers. 

While SOL keeps dipping, several traders and analysts are predicting that it might repeat the 2022 pattern where its market price dropped to as low as $9 from the high of nearly $150 at the beginning of the year. 

At the time of writing, SOL is trading at $128 with a market cap of $65 billion. It has declined over 35% in the past 30 days while down nearly 57% from the all-time high of $294.33 – marked on 19 January. 

Solana (SOL) Price – Source: Coinmarketcap

While the crypto market continues declining, SOL is following the downtrend with it dropping below a major support of $127 on 10 March. If it fails to bounce quickly, the next major stop it could rest at is $79 – down 38% from the currency price. 

Solana (SOL) Price Prediction

TradingView data shows that price levels near $127 was a major support for SOL, from where it has bounced back several times in the past year. 

SOL Price Chart – Source: TradingView

The chart clearly indicates that losing the $127 support could pull SOL price down to $79 to $82 range, the next major support. Anything down below this level could be marked as the end of the SOL pump as pushing it again above such levels would take significant traction for Solana. 

In an optimistic scenario, if SOL price starts recovering from here, it could face key resistance at $161 while the next major selling wall at $206 in its timeline. Whichever way it goes, the broader market sentiment will play a vital role.

While newer Solana developments are on the edge – including potential approval for a spot Solana ETF – SOL is expected to recover its past gains throughout next few weeks while straightening its position as a leading smart contract blockchain platform beside Ethereum.