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Simon Chandler
Author
Simon Chandler
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Solana has dived by 5% in the past 24 hours, with its drop to $131 coming as the cryptocurrency market responds to tariff woes by also falling by 5% today.
While SOL holds on to a 2% gain in a week, it remains down by 6.5% in a month and by 30% in the past year, with the alt declining by 55% since January 19.
Given its massive drop-off in momentum, it may seem tempting to conclude that its bull run has ended, especially when the coin spent most of March struggling to rise back above the $150 resistance level.
However, Solana still has some of the strongest fundamentals in the market, so once sentiment and macroeconomic conditions, it’s in a very good position to lead a comeback.
Has Solana’s Bull Run Already Ended? $150 Resistance Refuses to Break
As far as SOL’s chart is concerned, the token could be nearing a strong resurgence, at least if its indicators are any guide.
As we can see below, its relative strength index (purple) has risen closer to 50 in the past few days, after spending the end of last month below 30.
However, it is struggling to clear 50, while its 30-day average (orange) also looks like it’s declining again after promising to bottom a few days ago.
Based on previous patterns, what we may see is Solana suffer another short-term fall in the coming days, and then recover more consistently a little later on.
The timing will depend on wider economic conditions, with President Donald Trump’s imposition of car-related tariffs this week serving to dampen investor sentiment yet again.
As the tweet above suggests, things could even worsen before they get better, so it would be rash to conclude on the basis of technical indicators alone that the Solana price is going to bounce back in the near future.
That said, the bull case for Solana remains as strong as it ever was, with the layer-one network still the second-biggest in crypto in terms of TVL.
We also have the possibility of Solana ETFs to look forward to, not to mention the Firedancer validator update, which will improve its efficiency.
Based on all this, Solana could easily reach $200 again by H2, before finishing the year at around $300.
New Solana-Based Tokens for Bear Market-Beating Gains
SOL may not do too much in the next few weeks, but impatient traders do have the option of looking at newer, more volatile tokens.
This is usually risky, but one way of honing in on the more promising coins is to look for big presales and strong online followings.
A coin that ticks both of these boxes is Solaxy (SOLX), a new layer-two network for Solana that has now raised more than $28.2 million in its presale.
Solaxy also boasts over 73,000 followers on X, with its growing community excited by its aims of making Solana more efficient and rewarding for users.
As an L2, it will provide lower fees and faster confirmation times, while also enabling instant bridging between itself and its parent chain.
Compatibility with other networks will come over time, giving Solaxy a wide reach within the crypto ecosystem.
Its native token, SOLX, will serve to pay for transaction fees, while holders will also be able to stake it.
You can buy it now through the presale by going to the Solaxy website, and by connecting a compatible wallet, such as Best Wallet.
SOLX is selling at $0.001676, although this will rise again later today.
