Today, Friday, June 6, 2025, the price of Solana (SOL) has experienced a significant decline, dropping about 7.7% to the lowest level in almost a month.
🔍 Causes of SOL Price Decline
1. Sell Pressure from Large Investors (Whales) Over 3 million SOL tokens have been moved to exchanges in the last three days, triggering massive sell pressure and causing the price of SOL to drop below the psychological support level of $150.
2. Negative Market Sentiment The feud between Elon Musk and Donald Trump regarding the new bill has triggered volatility in the cryptocurrency market as a whole, with the global market capitalization dropping by $180 billion to $3.12 trillion.
3. Technical Pressure SOL failed to break the resistance level at $164.50, indicating the potential for further correction if there is no strong buying support.
🔮 Outlook and Price Prediction
Analysts estimate that if the sell pressure continues, the price of SOL could drop further into the range of $140 or even $127 in the worst-case scenario. However, if market sentiment improves and buying support increases, SOL has the potential to recover and retest previous resistance levels.
