$SOL In the past 24 hours, it has dropped by 4%. It previously plummeted from $138, but now it seems stable, holding at the support level of $130. The price fluctuates up and down, and trading volume has increased significantly, indicating a lot of selling pressure. However, many KOLs believe Solana can quickly rise to $150.
Bitcoin has also dropped, hovering around $90,000, dragging the entire crypto market down, with a total market cap shrinking to $3.06 trillion. After the Federal Reserve cut interest rates by 25 basis points, the market has shown this trend, with Ethereum and XRP also following the decline, favoring the bears.
Why do people say Solana can rise to $150? Institutions are becoming increasingly interested in it. Once Solana's ETF was launched, everyone became more optimistic. Yesterday, the Solana ETF received $16.6 million, and institutions are buying aggressively.
Solana's ecosystem is also impressive, generating the highest application revenue, with over $3.6 million earned in the last 24 hours, making its position in the cryptocurrency market increasingly important.
Coinbase is also stepping in, increasing support for Solana tokens, and enabling on-chain swaps on Solana's DEX, making transactions more convenient with multiple payment options. This way, ordinary users will find it easier to navigate the Solana ecosystem.
Moreover, the demand for Solana is increasing among institutions, and Invesco Galaxy is even pushing for a Solana ETF, having submitted documents for it. The new fund may be listed next week. If the crypto market rebounds, Solana's price is sure to soar.
Currently, the price of SOL is $130, down 0.63%. Technical indicators suggest it may fall further in the short term, but the overall market is neither biased towards buying nor selling. Next, watch the resistance level at $140 and the support level at $130; if it breaks through $140, the price of Solana could rise to $150, a 15% increase!
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