Key Takeaways
- SOL rebounded nearly 4% from support at $146, suggesting that the bull remains dominant with bullish price action.
- Microeconomic uncertainties affect the crypto market as SOL could see its price struggle in June.
- If the price of SOL trades above $140, there is a high chance of a higher price rally in June.
Solana has shown renewed strength following a price crash from its high of $155 towards a key support zone of $146, following a recent price crash in Bitcoin as economic uncertainties loom with the tariff war and Elon Musk’s disagreement with Trump.
Ahead of these two events, the cryptocurrency market saw the price of Bitcoin crash from its high of $106,000 towards a region of $100,000 after the price of Bitcoin (BTC) showed a strong price bounce in earlier weeks, retesting the key demand zone of $102,000 as the price rebounded indicating bullish price dominance.
The news of Trump’s phone meeting with China and his significant disagreement with Elon Musk led to a substantial decline in the financial market on Friday, June 6, 2025, as the crypto market observed the market reaction ahead of the new week.
Solana’s (SOL) price, on the other hand, has shown a strong price rebound, trading above $151 despite crashing to lower price points late in the week. The price of SOL, which has created a swing high formation on the 4-hour timeframe, is likely to see bullish price gains in the coming weeks.
However, with the current volume drop across Solana’s ecosystem, this would be troubling for bulls.
Solana’s On-chain Volume Drop
Source – SOL Volume From Coinglass
While the price of SOL has shown strength, trading towards a strong high of $151, the overall volume across its on-chain transactions has dropped significantly, suffering a more than 50% volume decline compared to its previous volume profile, which saw a strong rally towards its all-time highs of $295.
If the price of Solana is to resume its upward price trajectory, it must be accompanied by high volume to sustain its bullish price action. The price of SOL has struggled in the past few weeks to break above its key resistance level of $200, preventing further upward movement.
Solana (SOL) Price Prediction For June As Price Holds Key Support
Source – SOL Price Action For June From TradingView
Solana’s price has suffered a 20% price drop from its high of $187 toward key support at $146, as the price continues to remain strong with bulls dominating. A further price drop could force potential sell orders out of panic.
To demonstrate bullish strength, the price of SOL experienced a swift 2% bounce from its key demand zone, currently trading above $150, indicating a positive market sentiment for the price ahead of June’s action.
Although June historically hasn’t been the best month for Bitcoin, we would expect more sideways price action to impact Solana, which could be followed by a strong bullish rally towards the end of June to the upside.
However, overall market price action for SOL is neutral, as bulls currently hold the upper hand in the price. If the price of SOL crashes below $135, we could see a further decline to around $120.