Soon after the Solana price broke out and smashed a new ATH at $295, it was believed that the token may soon make it to $500 before the end of 2025. Meanwhile, the rise of the fallout of the memecoins on the Solana chain harmed the momentum of the SOL price rally. Currently, the price is stuck within a narrow range as the bulls display weakness and the bears appear less interested in exhibiting pressure at the current range. Therefore, what’s next for the SOL price? Will it reclaim $180 this month?
Ever since the SOL price dropped below the psychological barrier at $200, the bulls have been failing to regain the last momentum. Meanwhile, the traders seem to be bullish on the token as, as per a new survey, a large number of FTX creditors plan to invest their repayments back in cryptos, specifically in Solana. Despite recent events like the LIBRA memecoin rug pull and the Meteora scandal, 44% of the creditors remain bullish on the Solana ecosystem. Moreover, 71% of creditors intend to hold or buy more SOL if it drops below $145, displaying more confidence in its long-term potential.
Does this suggest the SOL price is about to drop below $150?
As seen in the above chart, the SOL price has stuck within a narrow range between $169 and $176 over the past few days. After the drop below the ascending trend line, the bulls are trying hard to trigger a strong recovery, which is seen in the MACD. There has been a rise and drop in the selling pressure, which suggests there could be still some room for the bears to thrive as the selling volume is yet to fade away.
Besides, the Chaikin money flow continues to trade below 0, hinting towards a weakness within the market as the bear holds a significant dominance. This may hint towards a growing possibility of an extended bearish action, probably below $160. However, the interim support at $158 may offer a strong base in case of an extended bearish action. While a drop below $150 currently appears to be quite distinct, a quick rebound seems to be on the horizon.
On the other hand, the growing optimism around the spot ETF could keep the hopes for a strong upswing alive. Therefore, the Solana price may not reclaim $180 by the end of the month but may certainly display a monstrous rally in the long term.
