Solana reaches a key support level but a sharp rebound is not guaranteed.
) price dropped on June 3, bringing its net paper losses down to 85% seven months after topping out above $260.
SOL price fell by more than 6.5% intraday to $35.68, after failing to rebound with conviction from 10-month lows. Now sitting on a historically significant support level, the SOL/USD pair could see an upside retracement in June, eyeing the $40-$45 area next, up around 25% from today's price.However, a rebound scenario is far from guaranteed and Solana faces headwinds from trading in lockstep with Bitcoin , the top cryptocurrency that typically influences trends across the top altcoins.SOL/USD versus BTC/USD correlation coefficient.
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