SOL Sinks 8% to $147 as Market Rejects Bullish Narrative — For Now
Solana’s SOL token slid nearly 8% over the past 24 hours, closing at $147.07, in stark contrast to Standard Chartered’s recently issued $275 year-end target, underscoring the growing disconnect between institutional forecasts and short-term market behavior.
SOL opened Thursday trading at $159.60 but quickly lost momentum during the U.S. overnight session. Heavy selling pushed the token to a low of $142.13 before a modest rebound took hold. Despite some signs of accumulation around support levels, SOL remains nearly 40% below its March peak, with weak technical structure and limited bullish conviction.
The timing puts renewed spotlight on Standard Chartered’s May 27 report, which positioned Solana as a standout among alt-L1s, citing its network speed, developer growth, and potential to outperform in retail-driven cycles. The bank projected $275 by year-end and $500 by 2029, while also warning that short-term performance would likely lag Ethereum and remain vulnerable to speculative flows.
That caution now appears prescient. With much of Solana’s recent activity tied to meme coins and retail hype, the market seems unwilling to fully price in the institutional narrative—at least for now. Instead, SOL is caught in a wait-and-see zone, where technical buyers are stepping in near support but broader confidence remains elusive.
Technical Picture:
- SOL dropped 11.87% intraday, from a high of $160.49 to a low of $142.13.
- The sharpest drawdown came between 23:00 and 01:00 UTC, followed by sideways action.
- A tight channel formed between $143.50 and $146.50, with early signs of bullish divergence.
- Key volume surges at 13:31 (31.8K SOL) and 13:39 (43.4K SOL) show support buyers stepping in.
- Resistance is parked at $152, and reclaiming that level could reset short-term sentiment.
For now, Solana’s fundamentals remain intact—but whether the price will catch up with the narrative likely depends on macro tailwinds, non-meme on-chain growth, and renewed conviction across risk markets.
