- Solana price sentiment lacks a spark in its fundamentals and a class action lawsuit against Pump.fun could make things worse.
Solana price has struggled to reclaim the $150 support mark for the last for days and its momentum is closely linked to market bellwether Bitcoin’s performance. The SOLUSD pair was at $148 at the time of writing, up by 0.7%, but with the trading volume down by 25%. This signals that the buying momentum is weakening and a reversal could potentially happen in the near-term if the coin fails to retest the psychological $150 mark.
The downward pressure on Solana price comes at a time when Solana-based meme coin launch pad, Pump.fun faces class-action lawsuit over allegations ranging from illegal trading in unregistered securities to insider trading. The lawsuit features more than 500 plaintiffs, and they also accuse Pump.fun of inflating token prices. The meme coin launch pad’s X account was deactivated on June 16 and reinstated about 24 hours later, adding negative optics to the this development.
Pump.fun accumulates SOL through token swap fees and “graduation” payments and periodically sells millions of the coins in exchanges. This makes it one of the most significant liquidity and volatility drivers in the Solana ecosystem. Therefore, destabilisation of that platform could affect SOL price adversely in the medium and long term. In the near-term, however, key technical indicators signal weakness in the coin’s upside momentum. Its daily RSI is at 42, and it trades below the 9, 21, 50 and 200-day EMA levels.
Solana Price Prediction
Solana price pivots at $148.25 and resistance at that level favours the downside to prevail. The coin will likely find initial support at $147.15. However, the action could go lower and test $145.45 if the downward momentum strengthens.
Alternatively, the momentum will shift to the upside if the price breaks above $148.25. That could see primary resistance established at $149.25. Action above that level will invalidate the downside narrative and could clear the path to test $150.00.
