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. According to CoinGecko, Solana's price has dropped by 7.5% in the last 24 hours, hovering around $137.

Solana's price movement is currently below the 50-day simple moving average (SMA) but above the 200-day SMA, indicating a struggle between bulls and bears. The 200-day SMA provides support, while the 50-day SMA offers resistance. The upward trend is expected to hold, with the 200-day SMA providing a safety net.

The cryptocurrency analytics company CoinGecko notes that Solana's price is moving within a symmetrical triangle, which can break in either direction. If the 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 compared to the previous month. 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.

In conclusion, Solana's price has shown significant resistance following the general market crash, quickly recovering from an initial 11% drop. The token has maintained its bullish market structure, and with strong support levels and increased investor interest, Solana may be poised for a price rise soon. The symmetrical triangle formation will be crucial in determining the direction of SOL's price movement.