Solana’s SOL experienced a sharp decline of nearly 8% over the past 24 hours, dropping to $147.07 amid renewed volatility in the crypto markets. The token started the day at around $159.60 but faced intense selling pressure late Thursday into early Friday, hitting a low of $142.13 before stabilizing above $147. While some volume spikes suggest traders are accumulating near key support levels, SOL’s overall structure remains fragile—trading nearly 40% below its March peak.
This recent downturn has intensified focus on price forecasts, notably a late-May target from Standard Chartered’s Global Research team. In a May 27 report, the bank projected SOL could reach $275 by the end of this year, with a long-term goal of $500 by 2029. The report highlighted Solana’s impressive speed and efficiency as key advantages but acknowledged that much of its recent market activity has been driven by meme coins, which are currently heavily discounted.
The stark contrast between Standard Chartered’s bullish outlook and current market realities underscores a fundamental question for long-term SOL investors: Are recent price drops just temporary noise, or do they signal a deeper rejection of Solana’s growth potential? Although the bank expects SOL to underperform Ethereum in the short term, it still views the token as a high-beta investment—particularly for retail ecosystems that could re-rate sharply if adoption expands beyond meme coins.
In the near term, SOL’s price action remains choppy. Buyers are stepping in near $143, but resistance persists just above $150. Whether SOL can regain upward momentum to validate even a portion of its year-end forecast will likely depend on broader macroeconomic stabilization and increased on-chain activity in the coming weeks.
**Technical Highlights:**
– Intraday, SOL plummeted 11.87%, from $160.49 to a low of $142.13.
– Heavy selling occurred between 11 PM and 1 AM UTC before the price stabilized.
– A narrow consolidation range has formed between $143.50 and $146.50.
– Higher lows since early morning hint at possible bullish divergence.
– Trading volume peaked around 13:31 and 13:39, as traders defended support levels.
– Resistance is now at $152; a breakout above this could signal a potential trend reversal.
The coming weeks will be critical for Solana’s price trajectory. A combination of macroeconomic stability and renewed blockchain activity could determine if SOL can bounce back and approach its ambitious year-end targets.
