Solana's recent price action has raised concerns among investors and analysts. Despite its significant decline of 65% from its peak, the cryptocurrency appears to be far from finding support.
The weekly volume on Solana has dropped dramatically, from a peak of $6 billion in May 2025 to just $2.3 billion. This decrease in trading activity is a worrying sign for investors.
MooninPapa, an analyst, has identified several key Fibonacci levels and fair value gaps that could indicate a potential drop towards $20-$32. The Fibonacci numbers, including the golden 0.618 level at $68.76, have been used to predict price movements in the past.