Solana Tumbles to $74.8, Eyes $80 Upside with Morgan Stanley Support

Solana's price has pulled back from its high of $79 to $74.8 after Bitcoin dipped below $63K on July 17th, a drop of 6%. Despite this, the crypto has held onto a crucial short-term support at the 50-day Moving Average (MA), which has stopped previous dips in July.

The retest of this dynamic support suggests that relief demand could be possible at $74 or the 50-day MA. If the trend repeats, Solana's next upside targets would be $80, $84, or the mid-range level at $88, offering an 8-18% potential upside.

Morgan Stanley's recent move to add support for spot trading on its E*TRADE platform could potentially boost demand for SOL. However, this remains uncertain and could be affected by various factors such as macro and geopolitical jitters, which could lead to de-risking and a lower price.