At the beginning of July, predictions were rampant about Solana reaching a price of $200 or higher by the end of August. After an impressive initial surge of +10%, the price elevated from $145 to over $167, fueling projections for a target upwards of $200.

However, a sudden overnight sell-off has seen Solana (SOL), now the sixth-largest digital asset, plummet by 4%, dipping its price below the crucial $160 benchmark, which leaves many questioning the possibility of hitting $200 this month.

Price Movement

SOL Weekly Support At $160 – If Reclaimed, Bullish Momentum Could Continue
Having fallen under the weekly support of $160, SOL is trading at $159.9, close to regaining this significant threshold. The price target of $200 for August remains attainable if SOL can convert $160 back into support. Current forecasts suggest a strong support zone at $155, which may provide necessary stability as Solana aims to regain its bullish momentum from recent weeks.

The long-term outlook remains optimistic, with projections suggesting Solana could reach between $500 and $1,000 by the culmination of this cycle, although it needs to first clear the $200 mark to build upward momentum.

In recent developments, over $1.2 billion in trading volume was seen within approximately 18 hours of the PUMP token’s launch, illustrating robust demand and providing liquidity to the Solana network.

SOL Spot ETF Decisions Looming: This Could Drive The Solana Price Target Of $200+
The recent debut of the Rex-Osprey SOL Staking ETF, which has attracted over $73 million in assets, signifies growing interest in regulated Solana products. Several spot SOL ETFs await approval from the SEC; a successful series of approvals could establish the momentum needed to propel SOL past $200 shortly.

Ethereum and other crypto assets are also under watch to gauge market activity as crypto trading continues to evolve.