- Solana (SOL) dropped over 10% in daily trading before stabilizing at a 7.4% loss, according to CoinGecko data.
- The crypto market experienced a broad correction as Bitcoin (BTC) fell to $110,000, raising the possibility that SOL could approach $175-$176.
- Despite the drop, SOL retains positive gains over the last week, two weeks, month, and since August 2024.
- Analysts attribute the correction to profit-taking following record highs in major coins and uncertainties around global economic conditions, including new tariffs.
- Historically, Solana has shown strong resilience and may benefit from a possible Federal Reserve interest rate cut, but September trends remain uncertain.
Solana (SOL) faced a significant drop, falling by more than 10% in daily trading before losses narrowed to 7.4% at press time. According to CoinGecko, the price decline came during a wider market downturn, which also saw Bitcoin (BTC) dip to $110,000.
SOL’s recent losses increased concerns that the asset may soon revisit the $175 to $176 range, a price last seen earlier in the month. In spite of the sharp decrease, Solana remains positive in other time frames, reporting a 4.4% increase in the last 7 days, 7% over 14 days, 0.4% for the month, and a 17% gain since August 2024.
Market data suggests the decline could be due to profit-taking following new all-time highs for both Bitcoin and Ethereum. The downturn is also linked to global economic uncertainties, including tariffs reportedly introduced by President Trump.
Solana has previously shown strong performance after major declines. The cryptocurrency fell below $9 in 2022 after the FTX exchange collapse but later hit several record highs, with its most recent peak at $293.31 in January.
Analysts say there is potential for SOL to recover, depending on broader market trends. A possible interest rate cut by the Federal Reserve in September could help. However, September has historically been a bearish period for cryptocurrencies, which may lead to market consolidation if these factors offset each other.
For projections related to upcoming market movements, see this Cardano-ada-solana-sol-price-prediction-for-august-31st-2025″ target=”_blank”>Cardano & Solana Price Prediction for August 31, 2025.
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