- Solana (SOL) price dipped 2.52% on May 19th, breaking below a key support level.
- Analysts predict sideways trading between $160 and $180 for the rest of May, with a potential retest of $160 if the downtrend continues.
Solana (SOL), the high-speed blockchain network, mirrored the broader market weakness on May 19th, shedding 2.52% of its value. This price drop comes amid concerns about a potential extended correction for the cryptocurrency.
SOL Slips Below Support, Eyes $165 Zone
According to analyst Denys Serhiichuk, Solana’s price breached a crucial support level of $171.62. This suggests that sellers are currently in control, and a further decline towards the $165 zone is possible.
Supporting this bearish outlook is the coin’s repeated failure to surpass the resistance level of $175.98 on the daily chart. If the daily closing price falls near the day’s low, a retest of the $160–$165 area next week becomes a significant possibility.
Sideways Trading or Deeper Correction?
Serhiichuk acknowledges that there’s still a chance for an upward move for coins as long as the price stays above $160. However, he believes buyers might need more time for the bulls to regain momentum.
In the absence of a clear directional signal, sideways trading between $160 and $180 appears to be the most likely scenario for the coin until the end of May.
Solana’s future price movement hinges on several factors, including:
- Overall market sentiment: A recovery in the broader cryptocurrency market could lift coin prices.
- Developments on the Solana network: Positive news about partnerships or ecosystem growth could attract new investors.
- Regulatory landscape: Increased regulatory scrutiny could dampen investor sentiment towards cryptocurrencies in general.
Investors interested in Solana should closely monitor these factors and conduct their own research before making any investment decisions.