The cryptocurrency market is experiencing a significant downturn, with Bitcoin's price decline having a ripple effect on other altcoins, including Solana. According to CoinGecko, Solana's price has dropped by 7.5% in the last 24 hours, hovering around $137. This marks the lowest price Solana has reached since early May 2024.

Solana's price movement is below the 50-day level but above the 200-day simple moving average (SMA), indicating a struggle between bulls and bears. The 200-day SMA provides support, while the 50-day SMA offers resistance. There are two possible scenarios for Solana's future price movement. If the symmetrical triangle formation breaks upward, Solana could rise by 63% to $292. However, if the formation breaks downward, Solana could drop to $87 or $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, but has since decreased. However, total Solana open interest (OI) has been declining since June 4, 2024, indicating an outflow of funds from the asset.

Solana's price has shown significant resistance following the general market crash, initially dropping by 11% but quickly recovering and maintaining its bullish market structure. The cryptocurrency has strong support levels around $87 and $56, and its 24-hour trading volume surge indicates increased investor interest.

In conclusion, Bitcoin's price decline has impacted Solana and other altcoins, leading to a significant downturn in the cryptocurrency market. Solana's future price movement is uncertain, with two possible scenarios emerging. However, increased investor interest and strong support levels indicate a potential price rise soon.