Solana Price Risks Falling to $150: Can Coinbase Help in SOL Recovery?

Solana price has recorded a heavy selloff today, falling near the $161 zone before witnessing a slight rebound. Notably, the SOL decline comes amid a broader crypto market retreat, with BTC and other top altcoins taking the biggest hits.

Both BTC and Ethereum prices were down around 3% while XRP, ADA, and DOGE were down between 4% and 8%.

Amid this, a renowned crypto market figure has highlighted key price zones for Solana crypto. The expert noted that losing key support might drag the price further lower to $150.

However, as Coinbase has extended its support for SOL, many are anticipating a quick rebound in the coming days.

Solana Price Slips 5%

SOL price today traded at $163, down 5% in the last 24 hours, and its trading volume soared 15% to $4 billion. The one-day high and low of the crypto were recorded at $172 and $161, respectively.

In the weekly chart, it has lost around 8% but still showcased a monthly gain of around 13%, rising from $145 at April end. However, the Futures Open Interest for Solana crypto also fell around 4%, indicating the waning risk-bet appetite of traders.

Considering this recent on-chain data, it appears that Solana price may continue to stay in the red unless any major catalysts help the recovery of the asset.

Meanwhile, renowned experts have also revealed warnings, predicting the dip to continue. However, they have noted that if Solana holds key support ahead, it might continue to bounce back.

Can SOL Price Dip to $150?

Top experts have expressed caution as Solana price faces renewed selling pressure. The market pundits noted that the technical indicators suggest a deeper correction looms for the crypto.

For context, analyst Carl Moon noted that the asset has slipped below the critical support of $161.50, raising the likelihood of further declines. He noted that if SOL price failed to hold this support, it might slip to $152 in the coming days.

Echoing a similar sentiment, expert AlienOvichO noted that a continued correction could drive SOL even lower. In a recent X post, he noted:

Solana Next Short-Term Bounce! If SOL correction lower persists, the price could target the equal legs area at $161 – $149, where buyers are expected to step in for a potential bounce higher.

Considering that, it appears that the Solana crypto might fall below the $150 mark. However, according to the experts, that could be an ideal buying zone for traders. In other words, the investors might flock in if the price dips further, potentially pushing its price higher in the coming days.

How Coinbase Might Help in Solana Price Recovery?

A recent update from Coinbase has fueled speculations over a potential recovery in Solana price. For context, traders are anticipating renewed bullish momentum after Coinbase announced the expansion of its future offerings for SOL and XRP.

Starting June 13, Coinbase Institutional will enable 24/7 trading for Solana (SOL) and XRP futures, providing round-the-clock access to US traders.

This move is seen as a strategic push to align with the always-on nature of crypto markets, while also signaling growing institutional confidence in Solana’s long-term value.

By offering constant trading availability, Coinbase may increase market liquidity for SOL, potentially reducing volatility and attracting more sophisticated investors.

However, looking at the technical charts, it appears that SOL price may continue to slip further to $150 before a rebound. With backing from the leading crypto exchange like Coinbase, the crypto might witness a strong recovery after June 13.

The post Solana Price Risks Falling to $150: Can Coinbase Help in SOL Recovery? appeared first on The Coin Republic.