Solana (SOL) Drops Into Bearish Zone: Key Supports Under Threat

Solana has struggled to maintain its momentum after failing to settle above the $92 resistance level. The cryptocurrency has entered a corrective phase, erasing recent gains and consolidating losses as bearish pressure builds across the market.

Price Performance and Technical Decline

The decline began after SOL failed to hold steady at the $94 swing high, subsequently dropping below the $90 and $88 psychological levels. Bears pushed the price further toward $83, establishing a local low at $83.35. Currently, the asset is trading near $85, positioned below the 100-hourly simple moving average. A prominent bearish trend line has formed on the hourly chart, with immediate resistance sitting at the $85 mark.

Critical Resistance and Recovery Prospects

For a potential recovery wave to materialize, bulls must successfully defend the $84.00 and $82.50 support zones. On the upside, Solana faces significant hurdles at $85.80 and $88.50. A decisive close above $88.50—which aligns with the 50% Fibonacci retracement level of the recent downward move—could set the stage for a steady increase back toward $90 or $92.

Risk of Further Downside

Technical indicators, including the MACD and RSI, suggest that bearish momentum is currently outpacing buyers. If SOL fails to clear the $88.80 resistance, the downward trajectory is likely to continue. Major support is identified at $82.00, and a breach below this floor could see the price tumbling toward the $80 or even $75 support zones in the near term.