TLDR:
- Solana price drops 13% in 7 days, testing key support between $120 and $145.
- Analysts see “dead cat bounce” in SOL, warn of possible drop to $60.
- Trading volume fell over 16%, signaling weakening market participation.
- $60 projected as a bearish target if trendline support fails in the coming sessions.
Solana continues to struggle in the current market environment as technical analysts point to concerning signals ahead. The crypto has shown weakness over recent weeks despite brief recovery attempts.
Market observers are closely watching key support levels that could determine SOL’s next major move. Trading volume has declined significantly, suggesting reduced investor confidence. These developments come as broader crypto markets face ongoing pressure.
Solana Technical Analysis Reveals Bearish Outlook
Crypto analyst Alejandro₿TC has identified what he calls a “dead cat bounce” in Solana’s recent price action.
The term describes a temporary recovery following a significant decline, often preceding further downward movement. According to his analysis, SOL has been trading within an ascending trendline that now faces serious breakdown risks.
Like many altcoins, $SOL is in a downtrend. What we have seen in the last few weeks is a dead cat bounce. I expect to see much more downside, with a likely drop to $60. pic.twitter.com/fr0YNMZ4k8
— Alejandro₿TC (@Alejandro_XBT) June 18, 2025
The analyst expects much more downside for the altcoin, projecting a potential drop to $60. This represents a substantial decline from current levels around $144. The prediction aligns with broader bearish sentiment affecting many alternative cryptocurrencies in the current market cycle.
Current price action shows Solana testing crucial support zones between $120 and $145. A breakdown below this range could trigger accelerated selling pressure. The red trendline that has provided support over the past year appears increasingly vulnerable.
Veteran trader Matthew Dixon has adjusted his strategy accordingly, revising his dollar-cost averaging target to around $130 for initial purchases.
I still think lower before higher for #SOL and the rest of the market but I am revising my 'buy the dip DCA' target to around $SOL 130 for my first Buy.
Chart analysis must be dynamic to be successful. There are no certainties. Right now, this is the highest odds projection imo pic.twitter.com/6wPefXmHh8— Matthew Dixon – Veteran Financial Trader (@mdtrade) June 18, 2025
Dixon maintains that lower prices are likely before any significant recovery begins. His approach reflects the dynamic nature of technical analysis in shifting cryptocurrency markets.
SOL Market Data Confirms Weakness
Recent trading data supports the bearish outlook presented by analysts. Solana’s price sits at $144.84, showing a 3.17% decline over the past 24 hours. The seven-day performance reveals an even sharper 13.29% drop, indicating sustained selling pressure.
Trading volume has decreased by 16.60% compared to the previous day, reaching $4.13 billion. This decline in activity suggests reduced market participation and potential lack of buying interest at current levels.
The combination of falling prices and declining volume often signals continued weakness ahead.
Market participants are now watching whether SOL can maintain its current support levels or if the projected decline to $60 will materialize. The outcome will likely depend on broader cryptocurrency market conditions and investor sentiment in the coming weeks.
The post Solana Bearish Pressure Mounts: Can SOL Price Drop to $60? appeared first on Blockonomi.
Source: https://blockonomi.com/solana-bearish-pressure-mounts-can-sol-price-drop-to-60/