Finance

Solana’s Price Plummets: Will SOL Find Support or Plunge Further?

Solana‘s price struggles, technicals signal bearish trend, and analysts predict potential drops.

October 17, 2025, 9:49 AM

The bear claw's destructive swipe symbolizes the market's dramatic downturn as red arrows and plunging numbers dominate the screen. By MDL.

Executive Summary

Solana (SOL) is currently trading around $174.91, facing a notable downturn after failing to breach the critical $211 resistance level, with multiple technical indicators signaling a bearish trend.

Technical analysis suggests that if the bearish momentum persists, SOL’s price could decline further towards key support zones at $156 or even $133.16.

Despite the prevailing bearish technicals, Chief Analyst Ryan Lee offers an optimistic outlook, suggesting Solana could recover to the $210-$250 range driven by DeFi growth and potential ETF approval, provided it reclaims the 0.618 Fibonacci level.

The Story So Far

Solana’s current price downturn is primarily driven by a shift to bearish market sentiment, evidenced by its failure to breach a critical $211 resistance level and reinforced by multiple technical indicators such as the MACD, BBP, MFI, and RSI, all signaling weakening buying pressure and dominant selling. Despite this, some analysts suggest a potential recovery could be fueled by growth in DeFi activity and increasing optimism surrounding a possible ETF approval.

Why This Matters

Solana’s current bearish technical indicators signal a potential further price decline towards key support levels of $156 or even $133.16, posing short-term risks for investors. Despite this, a significant recovery to the $210-$250 range remains a possibility, contingent on a resurgence of DeFi activity and the materialization of an ETF approval, which could shift market sentiment if the token reclaims critical resistance levels.

Who Thinks What?

Technical analysis of Solana’s price suggests a bearish outlook, with indicators like MACD and BBP showing weakening momentum and dominant selling pressure, potentially leading to a price drop towards $156 or $133.16.

Ryan Lee, Chief Analyst at Bitget, offers a more optimistic perspective, believing Solana might recover soon to the $210-$250 range due to growth in DeFi activity and optimism surrounding a potential ETF approval.

Solana (SOL) is experiencing a notable downturn, with its price struggling to maintain upward momentum and currently trading around $174.91 as of October 17, 2025. The cryptocurrency has failed to breach a critical resistance level at $211, leading to a shift in market sentiment towards a bearish outlook, according to recent technical analysis. This weakening buying pressure suggests a potential deeper decline for SOL in the short term.

Technical Indicators Signal Bearish Trend

Several technical indicators are reinforcing the bearish sentiment surrounding Solana. On the 4-hour chart, the Moving Average Convergence Divergence (MACD) shows the EMA 26 crossing above the EMA 12, a classic bearish signal indicating weakening momentum. This is further supported by shrinking histogram bars, which suggest reduced buying pressure.

The Bull Bear Power (BBP) indicator is also in negative territory at -21.45, underscoring dominant selling pressure. Analysts suggest that without a significant increase in buying volume, SOL could face further price retracement in the coming days.

Daily Chart Reinforces Downtrend

The daily chart provides a broader confirmation of the bearish structure. Solana’s Money Flow Index (MFI) stands at 31.13 and is trending towards the oversold threshold of 20, reflecting persistent selling pressure and buyer hesitation. Similarly, the Relative Strength Index (RSI) is at 36.89, gradually nearing the oversold zone at 30.

These combined indicators point to weakening momentum and increasing seller control. If this trend persists, SOL could see its price drop towards key support zones around $156 or even $133.16, identified by Fibonacci retracement levels.

Analyst Outlook and Potential Reversal

Currently, SOL trades below the 0.618 Fibonacci level, moving closer to the 0.382 Fib support at $156.36. A continued downward trajectory could push the token towards the next primary Fib support near $133.16.

Despite the prevailing bearish technicals, Ryan Lee, Chief Analyst at Bitget, offers a more optimistic perspective. Lee suggests that Solana might recover soon, with prices potentially targeting the $210 to $250 range. He attributes this potential recovery to growth in DeFi activity and increasing optimism surrounding a possible ETF approval.

For a reversal to occur, Solana’s price would need to reclaim the 0.618 Fib level. Such a move could signal a shift in momentum back towards the bulls and potentially pave the way for a retest of the $220.58 resistance area.