Solana Token Slumps Below $85 Amid Stablecoin Surge

Solana's (SOL) token price has slid below the crucial $85 mark, as the cryptocurrency continues to struggle in its current cycle. The price of SOL has fallen more than 70% from its peak near $297, and analysts are divided on what comes next for the token.

According to CoinCodex, SOL changed hands near $83 on Wednesday, after repeated failed attempts to break above the $85 to $88 resistance band. The price now sits below the 50-day, 100-day, and 200-day exponential moving averages, each of which acts as overhead resistance.

Analyst Crypto Patel believes that SOL has exited a downtrend and entered a wide consolidation phase. He argues that the token's current price range, from $50 to $80, represents a long-term accumulation zone, with potential upside targets at $500 and $1,000 if past cycles repeat.