$SOL has broken below key near-term support, accelerating its downtrend as bearish technicals and weak sentiment converge. The price is now trading under all major moving averages, with the MA(7) at 88.21 acting as a clear resistance ceiling. The failure to hold above 86.50 has triggered a wave of selling, pushing SOL toward the recent low of 82.86. This move is compounded by declining buy-side volume, indicating a lack of conviction from bulls to step in at current levels. The broader crypto market's cautious tone and potential liquidity shifts are adding pressure, making it difficult for $SOL to stage a meaningful recovery in the short term.
Looking ahead, the immediate focus is on whether SOL can defend the 82.86 level. A breakdown here could open the path toward the 80.00 psychological support zone, where some buyers may emerge. For any reversal attempt to gain credibility, SOL needs to reclaim and hold above the MA(7) resistance with a significant increase in volume. Until then, the structure remains bearish, and rallies are likely to be sold into. Traders should watch for stabilization signals—such as a bullish divergence on lower timeframes or a strong rejection candle at support—before considering any counter-trend positions, as the overall trend is still pointing downward.
SOL
82.1
+0.68%