Solana (Sol) Cryptocurrency prices face a 3.2% revision last week after a surge on Tuesday. The sixth largest cryptocurrency by market capitalization is currently trading around $180. Sol has a considerable amount of support in this price range, allowing you to integrate and pick up steam at the $177 level.
Within a few weeks, several crypto analysts have made bullish predictions for SOL. Sol could gain liquidity at this price level and rise to the $200 price range. On the other hand, given the current bear market environment, there is a possibility that investors will continue to sell. Additionally, the SEC of five Solana ETF applications (including Fidelity and Grayscale) through fall 2025 created headwinds, but Polymarket Odds still shows 80% approval potential.
On the daily charts, the Solanasol is broken on a rising triangle, a structure that has been formed since March, and is now retesting the breakout zone. Crypto analyst Jonathan Carter pointed out this field as a potential level of support. “If the bounce is successful, you can see a bullish breakout and drive prices towards your target for $205, $225, $268,” he says.
If retests are held, traders are monitoring price movements. Ultimately, all Solana’s path could depend on whether the entire crypto market will recover from that dip towards the end of the week.
This may indicate a good time to buy dip, but it is always dangerous with crypto investments. It’s possible that Sol will continue to soak up in the next few days. Investors may be awaiting the next Federal Open Market Committee (FOMC) meeting scheduled for July 29th. The FOMC meeting minutes provide clues on the Fed’s financial outlook. If the Federal Reserve decides to cut interest rates, the crypto market could experience a rally. Waiting for days to wait on how US monetary policy will pan out could prove to be Solana’s excellent entry strategy.