Solana's Price Tumbles Towards $60 as Bearish Trend Continues

Despite steady network usage and growing stablecoin liquidity, Solana's price has been struggling to move beyond its $80 round-number supply zone since July 9th. The constructive signal from on-chain metrics has been met with bearish price action since April 2025, even after a brief rally towards the end of the year that reached $253.

The Fibonacci extension level at $47.9 forecasted a potential bear market price target for Solana, which aligns with the current downtrend. The RSI and MACD indicators on the 1-day timeframe are also bearish, predicting further downside potential.

After facing rejection from the 61.8% retracement level at $83.8, Solana's price has suffered steady losses throughout July. In August, traders and investors can expect a price drop towards $60, with possible targets at $64.1 and $50 if Bitcoin experiences a significant sell-off.