Solana price action has confirmed a classic bull trap after failing to hold above the value area high and high-timeframe resistance near the $88 region. The initial breakout attempt lacked acceptance, and price quickly rotated back into the prior trading range, trapping late breakout buyers and shifting short-term momentum to the downside.
Following the rejection, Solana attempted to stabilize near the point of control (POC) but was firmly rejected. This failure to reclaim the POC is a key bearish signal, as it suggests sellers are in control and the market has transitioned from balance into renewed imbalance. When price rejects from the POC after a failed breakout, it often leads to a full range rotation.
The next downside target now sits near $78, which represents high-timeframe support and aligns with the value area low. This region is technically significant, as the 0.618 Fibonacci retracement rests just below it, creating a strong confluence zone where price is likely to react.
From a structural perspective, as long as Solana remains below the value area high and the POC, rallies should be treated as corrective. A reaction or potential swing-failure pattern near $78 could offer a short-term bounce, but until proven otherwise, the prevailing bias favors further downside rotation within the range...$
