Solana has dropped to $145 today, due to ongoing tensions in the Middle East causing this altcoin to wipe out most of the gains made at the beginning of the week.
SOL has currently decreased by 8% in a week and 13% in the past month, with the price of this coin fluctuating between $140 and $160 since the end of May.
This coin has been at risk of rising above $160 until June 12, when Israel conducted its first airstrike on Iran, leading to a conflict that could escalate further.
However, such macro conditions do not affect the fundamentals of Solana, as this cryptocurrency and its blockchain are heading towards significant developments this year, driving long-term price predictions.
Solana Price Prediction: Stuck at $140: What is Holding SOL Back from Breaking Out?
Looking at the price chart of Solana, this altcoin may be on the verge of breaking out, considering the direction of the indicators.
Notably, the resistance level (red) and support level (green) have been closing in on each other for months and are about to reach that level.
This could lead to a major move for Solana's price, and seeing the RSI (purple) and MACD (orange, blue) of this coin both in oversold positions, such a move is likely to be upward.
Other bullish indicators include SOL's trading volume, currently at $4.2 billion, while this token has also seen a series of large transfers in the past week.
Moreover, Solana remains the third most popular cryptocurrency among institutions, after Bitcoin and Ethereum, with digital funds holding a total of $1.39 billion SOL according to the latest statistics.
These are all positive signs, and if we overlook the tensions in the Middle East, SOL will return to $200 by the end of next month. Looking at the bigger picture, Solana remains one of the strongest altcoins in the market, with a TVL of $8.3 billion.
Additionally, several upgrades are expected that could change the landscape by the end of this year, including the Alpenglow consensus update and the Firedancer validation application.
These changes will make Solana faster and safer, thereby attracting more users and adoption. This is why the price of Solana is on track to reach $300 in Q4 and $400 by the end of the year.
