Solana’s price dropped slightly after reclaiming $175, but the price decline might not continue further.
Solana’s price increased by more than 20% in the last seven days.
If the bull rally resumes, then SOL might go above $180.
Solana managed to reclaim $175 on the 18th of May, but it soon witnessed a price correction, pushing the token’s value down. Does this mean SOL is bound to go down further in the coming days?
Last week was a tremendous success for Solana, as the token’s price rallied substantially. According to CoinMarketCap, SOL’s price surged by more than 20% in the last seven days, allowing it to touch $175.
However, SOL couldn’t hold that spot as it dipped.
The decline from $175 also had a negative impact on the token’s social metrics. Its Weighted Sentiment dropped sharply, meaning that bearish sentiment around it was dominant in the market.
Nonetheless, its Social Volume remained stable.
![](https://public.bnbstatic.com/image/pgc/202405/6fea10d15d88a990a4e307afbddb8956.png)
Investors shouldn’t get disheartened, as a recent analysis suggested that SOL’s price might skyrocket. Alex Clay, a popular crypto analyst, recently posted a tweet highlighting an interesting development.
In a monthly time frame, SOL displayed a rounding bottom pattern. If this pattern tests out, then investors might soon witness SOL reach new highs.
What to expect in the short term
A rise in the metric meant that derivatives investors were buying SOL. According to Coinglass’ data, SOL’s Open Interest also increased, which might serve as a push for the coin’s weekly rally.
![](https://public.bnbstatic.com/image/pgc/202405/24ef633509d62005aeb2de4b07539b34.png)
However, concerns still remain. The coin’s fear and greed index had a value of 75% at press time, meaning that the market was in an extreme greed phase. Such numbers often result in price drops.
The Relative Strength Index (RSI) looked pretty bullish, as it had a value of 64.
If a price correction happens, SOL’s price might fall to $173.5 as liquidation would rise sharply, which might act as a support. A further downfall could push SOL’s price to $165.
However, if SOL manages to continue its weekly bull run, then the token might be able to go above $180.
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