Solana Price Drops 10%; Will SOL Rebound or Slide Further?

Highlights:

• SOL drops 10% weekly as bearish momentum continues to dominate the trend
• Technical indicators suggest weak momentum and possible further downside
• ETF approval odds climb to 83%, fueling future speculation shift

Solana’s (SOL) price has continued to trend lower after breaching key support levels. The price is now trading below $125. This drop reflects a wider market downturn, which has seen most top cryptocurrencies record declines over the past week.

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The SOL token value has declined by 10% over the past seven days. Since reaching its peak value at $294.33 on January 19 SOL has experienced more than a 57% drop in price. The bearish market forces have significantly gained momentum which positions SOL on the threshold of meeting important support at $100.

The Bitcoin value remains at $82,000 while the market experiences significant downturns between broader cryptocurrency groups. Ethereum (ETHB) faces resistance at $1,850 as the market signals additional weakness in its price movements.

In the past day, the total global market capitalization declined by 1.69% to settle at $2.65 trillion. The trading volume throughout a 24-hour period has reached $64.31 billion with a 21.99% increase shown during the same time span. These present signs of high market activity that coincide with traders rushing to sell their assets in panic. 

The current market value of Solana stands at $63.33 billion which has experienced a 1.13% decrease. The trading volume for 24 hours has reached $2.26 billion with a significant 24.54% increase.

Solana Price Retests Key Support Before Surge

The SOL price currently holds a position at a major ascending trendline, and analysts believe this could lead to an upcoming price surge. Analysts identified this trendline as a dependable barrier that functioned as important support during price bottoms that triggered subsequent major price increases.

The Solana coin currently operates at critical support points, which price behavior when bullish runs took place before, thus producing anticipation from investors in the market. The crypto community may expect another increase matching previous price movements, provided the coin price stays above this support trendline.

This $SOL re-test could mark the bottom before the rally! 👀 pic.twitter.com/ISq0XnuAPq

— Coinvo (@ByCoinvo) March 30, 2025

SOL ETF Approval Odds Surge 83%

Data from Polymarketcap demonstrates that Solana ETF approval probability increased to 83% for 2025 after recent values rose by 9%. Market predictions about a regulated Solana exchange-traded fund have increased significantly according to a recent analysis. 

Market investors have wagered more than $108,000 across the prediction that will expire by December 31, 2025. An increase in market activity occurred in mid-January 2023 that sustained itself above 80% from then until March 2023.

How Low Will Solana Price Go?

The SOL price currently stands at $124, indicating a decrease of 2% in the past 24 hours. The cryptocurrency trades below the key resistance point of $130, indicating increased selling pressure.

The Moving Average Convergence Divergence (MACD) signals bearish conditions. The MACD line is below the signal line, situated at -2.76 and -2.91, respectively, emphasizing the bearish sentiment. Moreover, the decreasing green histogram bars on the MACD indicator highlight weakening bullishness, further reinforcing downside potential.

The Relative Strength Index (RSI) stands at 33 currently showing dominant bearish market conditions. The next supportive level at $120 will determine the trading position if bearish pressure continues. A solution to the $130 resistance could allow SOL to advance toward its upper resistance point at $150. Investors should carefully watch the mentioned price targets during future trading days.

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