The cryptocurrency market is experiencing a significant downturn, led by Bitcoin's price drop. This decline has had a ripple effect on altcoins, including Solana (SOL), which has fallen to its lowest price since early May 2024. Solana's price has dropped by 7.5% in the last 24 hours, according to CoinGecko, and is currently hovering around $137.

Solana's price movement is caught between two key levels: the 50-day simple moving average (SMA) and the 200-day SMA. The 200-day SMA provides support, while the 50-day SMA offers resistance. The former is expected to hold, given the upward trend. If the symmetrical triangle formation breaks upward, SOL could rise by 63% to $292. However, a downward break could see SOL drop to strong support levels around $87 and $56.

Despite the current market conditions, Solana's 24-hour trading volume has surged by 153%, indicating increased investor interest and a potential price rise soon. The number of active addresses on the network reached an all-time high of 41.65 million in May, although it has decreased slightly since then. Total Solana open interest (OI) has been declining since June 4, 2024, indicating an outflow of funds from the asset. However, SOL OI shows strong support around $1.36 billion.

Solana's price has shown significant resistance following the general market crash. Despite initially dropping by 11%, the token quickly recovered and maintained its bullish market structure. This resilience is a positive sign for SOL holders. The current market conditions are uncertain, but Solana's strong fundamentals and increased investor interest could lead to a price rise soon.

In conclusion, Solana has been affected by Bitcoin's price drop, but its strong fundamentals and increased investor interest could lead to a price rise soon. The current market conditions are uncertain, but Solana's resilience and support levels indicate a potential recovery. As the market continues to evolve, it's essential to keep a close eye on Solana's price movement and trading volume.