The Solana (SOL) token was trading at $131 today, December 11, down by nearly 50% from its highest level in September this year. Technical indicators suggest further downside, potentially to $100.
Solana’s price remained sideways despite notable ecosystem news. One of the most recent announcements was the bridge between Solana and Base through the Chainlink (LINK) network. This was a significant event, as the two are among the leading chains in the crypto industry, with Base hosting over 700 dApps and a Total Value Locked (TVL) of over $8.3 billion.
The other notable Solana news came from Ondo Finance and State Street, which will launch SWEEP, a new private tokenized liquidity fund bringing traditional cash management onchain.
Ondo Finance has joined with State Street Investment Management and Galaxy Asset Management to announce plans for SWEEP, a new private tokenized liquidity fund bringing traditional cash management onchain. OUSG, Ondo’s flagship tokenized fund, plans to serve as the lead anchor…
Similarly, Animoca Brands, a top player in the crypto industry, announced that it would launch its equity on Solana. Bhutan will also launch the first sovereign-backed gold token on the network.
Another major Solana development came from Coinbase, which launched a product that allows users to trade all Solana tokens on a decentralized exchange. This is notable as it exposes Solana and its ecosystem to millions of users.
BREAKING: @coinbase to allow users to trade all Solana tokens through a DEX, without listings 🔥
Meanwhile, Solana’s ETFs have continued gaining assets since their launch in October. They have recorded inflows totaling more than $22 million this week, exceeding last week’s $20 million. This growth has resulted in cumulative net inflows of $661 million and net assets of $950 million.
Solana Price Technical Analysis
The daily timeframe chart shows that the SOL price has been in a strong downward trend in the past few months, moving from a high of $252 in September to the current $130.
Solana has formed a bearish flag pattern. It has already completed forming the flagpole and is now forming the flag section.
The token has formed a death cross pattern as the 50-day and 200-day Exponential Moving Averages have crossed each other.
Therefore, the token will likely have a strong bearish breakout, potentially to the psychological level at $100. This view will be confirmed if it moves below the key support level at $122, its lowest level on November 21 and December 1.
The bearish Solana price forecast will become invalid if it moves above the upper side of the flag pattern at $147.