Solana (SOL) is currently trading at $76.70, facing renewed downward pressure as bearish momentum accelerates. After a brief period of stabilization, market sentiment has shifted back to a clear continuation of the broader correction.
In our previous analysis, we stated that “the critical level to watch is the recent low around $80.00” and that losing it would trigger a fresh wave of selling. Since then, the price has unfortunately failed to hold this support floor, breaking down to current levels and validating the bearish continuation.
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Technical Breakdown
The overall market structure remains heavily bearish, with price action making fresh local lows. The asset is trading deeply below all major moving averages, indicating that sellers are currently dominating the market across all timeframes.
- EMA 20 (Red): Dropped to $91.49, serving as the immediate dynamic resistance. The gap between the current price and this short-term line is expanding again, reflecting strong recent selling pressure.
- EMA 50 & 100 (Yellow/Black): Sitting at $111.23 and $131.50, respectively. Both EMAs continue their steep downward trajectory, reinforcing the severity of the medium-term downtrend.
- EMA 200 (Blue): The long-term “Bull/Bear” line has drifted lower to $148.18, maintaining the macro environment for Solana firmly within bearish territory.
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The Bullish Path
For any meaningful recovery to begin, bulls must step in to immediately reclaim the $80.00 psychological level. If successful, the next hurdle is the dynamic resistance of the EMA 20 at $91.49. However, a true structural shift and a confirmed bullish reversal will only occur if the price can break and sustain a close above the primary resistance zone at $120.30 (Red Box).
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The Bearish Path
The bears remain in absolute control of the broader trend. Having decisively broken below the critical $80.00 support, the immediate risk is further capitulation. If selling pressure does not exhaust at these new lows, the price is likely to continue seeking liquidity further down, potentially targeting the $60.00 to $65.00 regions in the coming weeks.
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Weekly Verdict
With the loss of the crucial $80.00 support level, Solana’s bearish trend has emphatically resumed; bulls must swiftly reclaim this zone to prevent further downside capitulation.
