Solana has struggled to maintain its recent momentum, giving back part of its gains. After failing to hold above the $86 level, the price pulled back and is now searching for stability at lower levels.
Post-Rally Correction: Bears Take Control
Solana has come under pressure alongside Bitcoin and Ethereum. Following rejection at higher levels, the price dropped below $85 and $84, entering a short-term bearish phase.
A key technical signal was the move below the 50% Fibonacci retracement of the previous upward swing, confirming weakening bullish momentum.
Descending Channel Signals Uncertainty
On the hourly chart, a descending channel is forming, with support near $82.50. This level is now acting as a critical defensive zone for buyers.
At the same time, the price remains below the 100-hour moving average, reinforcing the negative short-term trend.
Resistance Levels Limit Recovery
For SOL to regain upward momentum, it must break through several key resistance levels:
$85.50 as immediate resistance$86 as a key barrier$87.40 as the level that could confirm a bullish breakout
A move above $87.40 could open the door for further gains toward $92 and potentially $95.
More Downside Ahead?
The bearish scenario remains in play. If Solana fails to hold above $82.50, selling pressure could intensify.
Key support levels to watch:
$83.50 as initial support$82.50 as a critical level$80 as a psychological threshold
A break below $80 could expose the price to deeper losses toward $75.
Indicators Flash Warning Signs
Current technical indicators favor the bears:
MACD is strengthening in the negative zoneRSI remains below 50
These signals suggest that buying pressure is still too weak to reverse the trend.
Market Awaits Direction
Solana is now at a crucial point. Holding key support levels could restore confidence, while a breakdown may trigger further selling.
The next few days will likely determine the direction of SOL’s next major move.
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The information and opinions presented in this article are for informational and educational purposes only and should not be considered financial or investment advice. Nothing on this page constitutes a recommendation to buy or sell any assets. Cryptocurrency investments are inherently risky and may result in financial loss. Always do your own research before making any investment decisions.