What Does Historical Trend Say About Solana Price Target in August
Key Highlights:
- The crypto market witnessed a sudden sell-off as U.S. president Donald Trump said he ordered two nuclear submarines to be positioned in the “appropriate regions” amid the escalating tension with Russia.
- A 16% fall in futures open interest indicates the traders are reducing their open position in the derivative market.
- A rising channel pattern in the daily chart drives the mid-term recovery uptrend in Solana price.
The Solana price plunged over 5.3% during Friday’s U.S. market hours to reach a current trading value of $164. The selling pressure aligns with a broader market sell-off as investors FUD surged amid escalating geopolitical tension between the United States and Russia. The downside pressure gains additional momentum as the derivative market highlights reduced speculative trading for this asset. A deep dive into Solana’s monthly return data shows August has been a challenging period for this asset, and therefore, the price could extend its current correction trend.
Solana Price Tumbles Amid US-Russia Tensions and August Weakness
In the past two weeks, the Solana price showcased a V-top reversal from $206.3 to the current trading price of $163, accounting for a 21% decline. The selling price aligns with the broader market pullback as the investors’ FUD (fear, uncertainty, and doubt) surges amid the geopolitical tension between the United States and Russia.
As a result, the SOL futures open interest also reverted from $12.01 billion to $10.07 billion, projecting a 16.15% fall. The decline indicates that traders are closing their open positions in the futures market, likely due to the heightened market uncertainty and stop-loss trigger.
SOL Futures Open Interest | Coinglass
Following the sudden pullback in price, traders are getting cautious in the derivative market and are likely moving to the sidelines until broader trends reflect sustainability.
In addition, Solana’ track record shows that August has repeatedly been a tough month for the asset to drive a sustainable recovery.
So far in 2025, the SOL price has plunged over 5% to currently trade at $164. This pullback follows the path of its recent previous years, like 2024, which recorded a -21.2% loss; 2023, with a -16.7% loss; and 2022, with a -25.8% fall.
However, two notable exceptions stand out—2021, when Solana surged nearly 200%, and 2020, which delivered an impressive 213.6% return, largely fueled by memecoin mania.
While the ETF speculation and corporate adoption bolster the long-term trend for this asset, the traders must remain cautious in August, as the price could fall back to reassess its position and recuperate the exhausted bullish momentum for the next leap.
Also Read: Here’s Why Ethereum Price Correction Is Far From Over
SOL Price Drive Steady Uptrend with Channel
The daily chart analysis of Sonana price shows the current market pullback reveals a bear cycle within the formation of a channel pattern. Since April 2025, the coin has been steadily resonating within the two ascending trendlines of the channel pattern, offering a steady growth platform for buyers.
The altcoin bounced at least twice from the pattern’s either boundary, indicating the credibility of this structure to influence price movement. With the intraday fall, the coin price currently challenges the 200-day exponential moving average support at $164.
If the price breaks below this support, the selling pressure would accelerate and push the altcoin another 8% to test the channel support around the $150 psychological level. Historically, the bottom trendline has acted as a strong accumulation zone for buyers, as the previous bullish reversal resulted in strong growth of 60-90%.
SOL/USDT -1d Chart
Until the pattern is intact, the Solana price could prolong its current bullish trend.
Also Read: Litecoin Price For Bullish Rebound as Network Hits 1M New Funded Addresses
