The price of Solana’s SOL token has dropped 7.87% to $147.07 in the past 24 hours, amid renewed volatility in the crypto market. The token fell sharply during late Thursday and early Friday trading, reaching a low of $142.13 before stabilizing above $147. Despite some accumulation near support, the overall structure remains fragile, with the token trading nearly 40% below its March highs.
This short-term weakness has drawn attention to a bullish price target set by Standard Chartered’s Global Research team. In a note published on May 27, the bank forecast that Solana would rise to $275 by the end of the year, with a long-term target of $500 by 2029. The report cited Solana’s speed and efficiency as core differentiators, but acknowledged that the market has heavily discounted its recent meme-coin-driven activity.
The gap between this bullish outlook and current market conditions has created a dilemma for long-term SOL investors. They must decide whether to treat recent drawdowns as temporary noise or as a fundamental rejection of the growth narrative. While Standard Chartered expects Solana to underperform ether in the near term, it positions the token as a high-beta bet on retail-driven ecosystems that could re-rate sharply if adoption expands beyond meme coins.
The current price action remains choppy, with buyers stepping in near $143 but meeting resistance near $150. Whether SOL can regain upside traction and validate the year-end forecast may depend on broader macro stabilization and renewed on-chain activity in the coming weeks. Technical analysis highlights include a tight consolidation range between $143.50 and $146.50, with higher lows suggesting possible bullish divergence. Volume peaked as buyers defended support, and resistance sits at $152, with a break above potentially shifting the short-term trend.
Overall, the price of SOL remains volatile, and investors are waiting to see if the token can regain its momentum and reach the predicted price targets. The next few weeks will be crucial in determining the direction of the token, and investors will be watching closely for any signs of stabilization and renewed adoption. If SOL can break above the resistance level and regain upside traction, it may be able to validate the bullish outlook and reach the predicted price targets. However, if the token continues to trade below its March highs, it may indicate a fundamental rejection of the growth narrative, and investors may need to re-evaluate their positions.