- Solana price traded around $175 as buyers looked for further gains.
- Glassnode says SOL could drop to support mid short-side pressure.
- Bitcoin also struggling to break above $110k adds to this Solana price outlook.
Solana (SOL) bounced higher, rising off $170 to retest $175 on Tuesday.
However, SOL is flat in the past 24 hours and just 4.5% up in the past week. Price could dip again if bulls fail to hold onto gains.
According to Glassnode, a leading on-chain metrics and analytics platform, this may be the case for Solana price.
While not significantly elevated, analysts at the platform are pointing to the sixth-ranked altcoin’s negative funding rate.
Solana is the only top 10 asset with this metric, and analysts see it as a potential signal of increased downside pressure.
“SOL is the only top 10 asset (excl. stablecoins) with a negative funding rate. At -0.0002%, it’s small – but may signal early short-side pressure building,” Glassnode posted on X.
As Glassnode highlighted SOL’s price, QCP Capital has shared its market outlook suggesting cautious positioning by traders.
This comes as Bitcoin (BTC) continues to trade range-bound in the $107k- $110k region. For the top crypto asset, spot exchange-traded funds flows have helped bulls hold onto gains.
“But front-end implied volatility remains elevated, pointing to deeper concerns under the surface,” QCP noted.
According to QCP, crypto traders are likely getting aggressively positioned as Bitcoin 2025, a top BTC Conference, begins in Las Vegas.
President Donald Trump graced the Bitcoin 2024 conference.
This time, the conference has outlined a speaker list that includes US vice president JD Vance, Strategy founder Michael Saylor, and Trump’s sons Donald Trump Jr. and Eric Trump.
Bitcoin price dropped sharply after Bitcoin 2024 and analysts say the risk is a factor.
However, a potential announcement of a $3 billion target Trump Media is eyeing for crypto investments may boost sentiment.
Solana price outlook – what’s next?
While Solana price has bounced off support near the $170 mark, SOL trades below its recent peak.
The climb from lows of $140 in late April saw bulls break to highs of $184 in mid-May and a retest of the resistance level on May 23.
But prices for top 10 altcoin have bounced off these levels to key support areas amid continued accumulation.
Now Glassnode says SOL may see a fresh bout of downside pressure.
A look at Solana charts shows the daily time frame noting room for a new leg up for bulls.
The RSI suggests Solana price recently moved from overbought conditions, with the metric at around 57.
Nonetheless, the cryptocurrency is seeing a notable dip in trading volume.
Historical details indicate this, with SOL’s daily volume dropped from $5.2 billion on May 23, 2025 to about $2.9 billion on May 27.
Crypto analysts suggest a possible downward action as bulls show signs of exhaustion.
However, if prices stay above $170 amid an ascending triangle pattern, upward sentiment will strengthen.
The same outlook will emerge if profit taking only sees buyers bounce off support at $160.
A squeeze in this case would bring Solana’s psychological price target of $200 into play.
On the other hand, sellers intensifying pressure at $160 could ignite more selling and see a spiral in downward action
