$SOL is currently facing strong bearish pressure, with short liquidations totaling $21.199K at $85.96, reflecting continued selling dominance. Price is trading below key moving averages—7-day, 30-day, 50-day, and 200-day—while breaking below the main pivot point and critical Fibonacci retracement levels, confirming persistent downward momentum.
Momentum indicators reinforce the bearish bias: RSI is approaching oversold territory, signaling potential for short-term relief bounces, while MACD remains firmly bearish. The 24-hour price range shows weakening intraday support, accompanied by declining volume and net outflows, highlighting sustained downside risk. Key support zones are $84.50 and $83.50–$84, with extended downside risk toward $82–$82.50. Near-term resistance lies at $87–$88 and $89–$90, which must be reclaimed to suggest any meaningful reversal.
Traders should watch for volume confirmation on any bounce attempts. While oversold conditions may trigger temporary rallies, the broader trend remains weak until major resistance levels are reclaimed. DYOR and implement disciplined risk management in this volatile market.
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