Solana SOL/USD is trading for $147.98 after it fell 2.74% in a day. The token has fallen 9.70% over the past week, after recording a 0.23% gain within a month. The fall coincides with the news of Maple Finance SYRUP/USD joining the Solana ecosystem, creating mixed signals for the market.
On June 5, Maple Finance launched syrupUSDC, its fixed-yield stablecoin, on the Solana network. The innovation enables cross-chain functionality using Chainlink’s interoperability protocol, which allows syrupUSDC to move freely between Ethereum ETH/USD and Solana. Protocols like Kamino KMNO/USD and Orca ORCA/USD have started incorporating syrupUSDC into their lending and liquidity products.
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Despite the development, Solana’s price is under enormous pressure as it has gone below its 50-day and 100-day exponential moving averages, which were previously firm support. Since early May, the $155–$160 range provided a foundation for price stability. It's now acting as resistance after the recent price action. The reversal will shatter the current bullish setup and will put Solana in danger of further losses if it doesn’t regain support soon.
If Solana doesn’t move up and remain above $160 in the short run, the likelihood of a 30–35% fall will increase. The volume action in the recent decline indicates that it is more than a short-term correction. It is likely part of a larger correction.
Market signs favor the bearish outlook as the RSI is heading towards oversold levels, confirming the selling pressure is increasing. Momentum indicators like MACD are bearish. Solana's underwhelming performance is more noticeable when we compare it to Bitcoin BTC/USD, which is above key moving averages and hit new highs. The divergence shows that capital is leaving mid-cap altcoins like Solana in the short term.
Traders are giving mixed signals where some believe that the correction will set up a higher low and will rebound later in the year, while the majority are waiting for clear reversal signals before they re-enter long positions. Traders closed out their longs when Solana failed to hold above $160 last week. The common view now is to wait for a confirmed breakout above $160, preferably with rising volume, before calling a bottom.
Developments like the launch of Maple Finance do suggest that Solana is attracting serious projects and liquidity. Maple’s long-term plan is to expand to chains with strong DeFi ecosystems, and Solana is a natural fit, having more than $11 billion in stablecoins.
The platform manages over $1.9 billion in assets, and its syrupUSDC product has crossed $550 million in supply. While it is promising for the Solana network, the news is not enough to reverse the price momentum.
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