Solana’s Bumpy Ride: Will SOL Dive to $127 This June?

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The end of May was like a bad hangover for Solana. After the SEC raised eyebrows over two shiny new ETFs tied to Ethereum and Solana, the price of SOL took a nosedive. An 11.45% slump, to be precise. The cryptocurrency market tried to flex its muscles, but Solana, being the rebellious teenager, bounced between $155 and $185 for 23 days straight. Talk about indecision.

SOL On-chain Sentiment: A Rollercoaster with More Loops Than You Can Count

New wallets are opening faster than you can say “blockchain.” For two months in a row now, Solana has been seeing a steady increase in wallet addresses. March had 98.33 million, April bumped up to 111.01 million, and May hit a respectable 123.81 million. So, if you’re looking for signs of life in the Solana network, this is it. Adoption is on the up, folks. Maybe even the network’s grandma is getting in on the action.

But don’t pop the champagne just yet. With the recent price decline, the OI-weighted funding rate has taken a sharp dive into the negative territory, now sitting at a chilling -0.0027%. So, if you were hoping for a bull run, this might be the moment to hide under your desk and rethink your life choices.

Solana Price and the Battle for $150: Can It Hold On?

Over the last 24 hours, Solana’s price dropped by more than 1%. Crypto market volatility? Nah, it’s taking a vacation. The SOL coin has been stuck in a negative rut for three consecutive days. In fact, in just seven days, SOL dropped by about 11%, though it did manage a slight +4.93% gain for the month. Who says crypto is predictable?

The Relative Strength Index (RSI) is throwing a tantrum, having plummeted to 41.66. It’s officially in the oversold zone, making it clear that the sentiment around Solana is anything but bullish. The average line is acting like that friend who brings everyone down, now hovering towards a neutral point. A not-so-great sign, if you ask me.

But hold on. If Solana can pull itself together and revive its bullish mood, we might see it retest the $177 high from May 28. In an optimistic world, that could even push the price to $200—something we haven’t seen since February 2025. Stranger things have happened, right?

However, if the price keeps stumbling and fails to break through, the immediate support of $150 could crumble. Worse yet, we could be heading toward a terrifying crash down to the April low of $127. Who needs a rollercoaster when you have Solana?

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2025-06-01 00:22