Solana (SOL) Price Dips 8% as Ethereum ETFs Take Center Stage

The demand for SOL could decline further in the days ahead, raising the risk of further downside, with investors channeling capital towards Ethereum-hosted projects to benefit from the expected ETF inflows.

SOL Price Forecast: $170 Support at Risk?

Solana price has shown a robust performance in recent weeks, rallying to monthly peak of $185 as of July 21, 2024. However, the current technical indicators suggest potential volatility ahead, with a possible breakdown below the critical $170 support level.

The price chart reveals that Solana has faced resistance around the $177 mark, leading to a slight pullback. The 8.04% decline over the past three days indicates selling pressure that could push the price lower.

The immediate support levels to watch are at $160.22 and $153.71, marked by the 20-day and 50-day exponential moving averages (EMA) respectively. These levels are crucial for maintaining the current bullish momentum.