Solana Under Siege: SOL Price Plunges as Bearish Momentum Takes Hold

After failing to settle above the $85 resistance, Solana (SOL) has trimmed most of its recent gains and entered a sharp downward trajectory. The cryptocurrency is currently consolidating losses above the $80 mark, with technical indicators suggesting that further declines could be on the horizon if bulls fail to stage a recovery.

Technical Breakdown Below Key Support

Solana’s price initiated a fresh decline after losing its footing above the $84 and $82 levels, mirroring broader market struggles seen in Bitcoin and Ethereum. A decisive break below a declining channel with support at $82 on the hourly chart has pushed the asset toward a recent low of $79.92. Currently, SOL is trading below both the $82 threshold and the 100-hourly simple moving average, signaling a significant shift in market control toward sellers.

Resistance Levels and the Recovery Path

For a recovery to begin, the bulls must first clear immediate resistance levels located near $81.10 and $82.20. The $82.20 mark represents the 50% Fibonacci retracement level of the recent downward move, making it a pivotal point for short-term sentiment. A successful close above the $82.80 resistance zone could set the pace for another steady increase, potentially bringing the $85 target back into play.

Risk of Deeper Losses

If Solana fails to overcome the $82.80 hurdle, the price could continue its southward journey toward the next major support zone. The first line of defense for buyers is at $80, followed closely by the critical $78.50 level. Should the price close below $78.50, the market may see an accelerated decline toward $72, with the possibility of testing the $70 psychological support in the near term. Bearish momentum is further confirmed by the Hourly MACD, which is gaining pace in the negative zone, and the Relative Strength Index (RSI) remaining below 50.