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 zone

• RSI 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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Disclaimer:

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.