Solana appears to be entering a potential exhaustion phase on the daily chart after an extended period of downward pressure. Price action remains below both the short- and medium-term EMAs, with the moving averages still sloping downward—an alignment that continues to reflect a bearish structure.
Momentum indicators tell a similar story. The MACD is still positioned in negative territory, signaling that sellers maintain control, although the shrinking histogram suggests that the intensity of the downtrend may be starting to ease. At the same time, the RSI is sitting in oversold territory, a condition that typically appears when the market is stretched to the downside.
This creates a familiar technical setup: bearish momentum remains dominant, but early signs of selling exhaustion are beginning to emerge. In these situations, markets often transition into either a relief rally or a period of sideways consolidation rather than an immediate trend reversal.
Order-book data highlights a layered support structure just below current price levels, with several bid walls forming a defensive zone. As long as these levels hold, the market may attempt to build a base. However, a decisive breakdown through these support clusters could accelerate the decline and confirm that the broader corrective trend is still in force.
On the upside, multiple sell walls are stacked above the current price, suggesting that any recovery is likely to face step-by-step resistance rather than a sharp breakout. The next major directional move will likely depend on whether buyers can defend the lower support cluster or if sellers manage to push the price through it.
For now, the technical picture shows a market that remains bearish in structure, but increasingly stretched, with the potential for stabilization or a short-term bounce in the sessions ahead.