Solana, like Bitcoin and other top altcoins, continues its downward trend, trading at around $130, significantly down from its 2024 highs of $210. This represents a nearly 40% drop, and the overall sentiment remains bearish with sellers in control.
Analysts are divided; some foresee a rebound toward the $200 zone, while others anticipate further declines. One analyst predicts a drop to $100 if current trends continue. This prediction aligns with recent price movements, considering SOL's reentry into the $130 support range and the formation of a triple bottom pattern.
A potential uptrend would require SOL to find support at current rates and rise above $140 and $160, aiming for the $190-$210 range. However, this is contingent on several factors, including a recovery in Bitcoin prices and meme coin activity on Solana.
Regarding meme coins, Pump.fun, a large SOL holder, has been liquidating its holdings, adversely affecting market sentiment. Their actions feed a self-reinforcing cycle of retail sell-offs, further pressuring SOL prices. By September 3, Pump.fun had sold over 264,000 SOL, valued at more than $1.3 million.
