- Price Holding Firm: SOL trading at $143.14, up 1.6% on the day, clinging to a key demand zone.
- Macro Pressure: Down 18.2% in 30 days, despite a mild 2.2% weekly bounce.
- Ecosystem Drag: Major Solana-based tokens (TRUMP, JUP, BONK) dropped >34%, hitting sentiment and liquidity.
- Volume Decline: DEX activity fell 7.16% this week, weakening SOL’s role as gas and collateral.
- Chart Setup: $143.00 acts as strong support again; MACD just flipped bullish—volume now key to reversal.
Solana (SOL) continues to test bulls’ hopes as the asset is still hovering around the $143.00 demand zone. Currently, SOL is trading at $143.14, seeing a modest 1.6% increase throughout the day.
While Solana gained 2.22% in value over the past seven days, the altcoin is still severely bearish on a monthly period, down by 18.2% over the last 30 days.
One issue that could be affecting the token’s access to liquidity is the sharp downturn seen in the Solana ecosystem over the past month. Popular tokens in the ecosystem, such as TRUMP, JUP, and BONK, suffered losses of over 34% in June, triggering a broader risk-off sentiment across the Solana ecosystem.
If speculative activity dries up in an ecosystem like Solana, demand for the native token often follows. With fewer trades and swaps happening on the blockchain, the overall volume falls, causing $SOL’s utility as gas and collateral to also take a hit. To put it in perspective, Solana’s DEX volume contracted by 7.16% over the past week alone.
On a brighter note, some tokens like Fartcoin, PENGU, and KEEP have shown a resurgence as of late, gaining as much as 47% in value in just 24 hours. So, maybe, we’ll finally see $SOL picking up the pace in July.
Solana Charts
Solana has been respecting a downward trend line since May 23rd, and that trend line continues to act as dynamic resistance, capping each bullish attempt. Despite brief rallies, SOL has failed to break above this descending structure, reinforcing the broader bearish bias.
However, the current $143.00 price has proven a strong support zone for $SOL buyers in the past. This time, it’s no different, as the currency has refused to effectively let go of that zone for the past fifteen days.
On the daily chart, Solana has just printed a MACD bullish crossover, where the MACD line crosses above the signal line. This bullish momentum could be reinforced by the idea that bears are being rejected at $143.00 — but if bulls want to flip this zone, they’ll need to show up with volume.
While $SOL does its thing, thousands are gearing up for the WOW2025 competition on BloFin — where traders can win a Tesla and split $4.2M in rewards.
