🚨 $SOL MARKET STRUCTURE UPDATE — WEAKENING BUY PRESSURE NEAR SUPPORT ⚠️🔥
Solana is currently trading around $84.80, with buying pressure fading over the past several sessions and price drifting closer toward the $83.38 support zone.
📊 CURRENT MARKET STRUCTURE: 📉 Momentum cooling after recent downside
⚡ Reduced buying pressure over 5 days
🔥 Price approaching key support level
⚠️ Liquidity thinning below current zone
📉 KEY ON-CHAIN INSIGHT: Data from Glassnode highlights a major cost basis cluster between $87.10 – $87.81, meaning:
• Many holders are currently underwater
• Above-$87 buyers may act as resistance on rebounds
• Price trading below major accumulation cluster = weak short-term structure
⚠️ WHY THIS MATTERS: • When price is below major cost-basis zones, overhead resistance increases
• If demand remains weak, price tends to “grind lower” into thinner liquidity areas
• Lack of strong demand zones below increases downside fragility
📉 BEARISH RISK SCENARIO: If $83.38 fails: • Price could accelerate into low-liquidity zones
• Volatility spikes likely due to thin support
• Fast wicks possible before stabilization
📈 RECOVERY SCENARIO (BULL CASE): If buyers step in: • Reclaiming $87.10–$87.80 zone becomes key
• Could trigger relief bounce toward prior range
• Market structure improves only after reclaim