Solana price is facing heightened short-term risk, with Coinbase’s new perpetual futures adding both potential fuel for a rebound and amplified downside pressure.
Summary
- Solana price is showing signs of short-term momentum weakness as it slips below the 7-day EMA ($183.5).
- Bearish RSI divergence and a potential double-top formation around $206–210 suggest elevated downside risk.
- Coinbase’s new SOL perpetual futures, with up to 5x leverage, could amplify volatility—potentially driving a sharp rebound or accelerating downside moves.
After rallying 67% from the late-July bottom at $126 to the $210 intraday peak on August 14, slightly and briefly surpassing the July rally top at $206, Solana (SOL) price has retreated sharply, dipping to a $175 low yesterday.
While today’s daily candle shows signs of a bounce, SOL price remains capped below the 7-day EMA ($183.5), signaling that short-term momentum is under pressure.
Adding to the cautious outlook, there’s a clear case of bearish RSI divergence: even as Solana price pushed to a new high above $210, the RSI printed a lower high. This signal, combined with the failure to break above the $206 July peak, raises the risk that SOL is carving out a double-top formation around the $206–210 zone.
If the bounce fails to reclaim and hold above the 7-day EMA and the $190 resistance region, the downside risk remains high. A breakdown below $173–170 (50-day SMA) could open the door for a deeper correction toward the 100-day SMA near $166, and potentially even the $155, which would mark the completion of a double-top neckline breakdown — signaling further downside.
Could Coinbase’s new SOL perps trigger Solana price crash?
The risk of further downside is amplified by the recent launch of Solana perpetual futures on Coinbase. While these contracts give U.S. traders a regulated way to trade SOL with up to 5x leverage, that leverage can cut both ways.
On one hand, it could fuel a strong rebound if buyers step in near the $175–$180 support zone. On the other hand, the same leverage makes it easier for traders to push Solana price lower through short positions, which could intensify selling pressure if the market fails to hold key levels.
