The current price of $90.57 (down -8.79% in 24h) puts Solana $SOL at a critical "make-or-break" point. The chart shows a sustained downward trajectory over the last several hours, with heavy selling pressure.
1. Key Indicators
Price Action: SOL has just bounced off its 24h low of $90.00. This is a major psychological and structural support level.
MACD (Moving Average Convergence Divergence): The MACD lines (DIF: -1.36, DEA: -1.19) are in negative territory and widening. This indicates that bearish momentum is still accelerating, and a bottom has not yet been confirmed.
Volume: We are seeing spikes in red volume bars as the price drops, suggesting that "bears" are in control and buyers are hesitant to step in until a firmer floor is found.
Moving Averages: The price is trading significantly below the MA(5) and MA(10) on the 15-minute chart. This verticality in the drop suggests an oversold condition, which often leads to a "relief bounce," but the primary trend remains bearish.
2. Support & Resistance Levels
Immediate Support: $90.00. If this level fails to hold on a 1-hour or 4-hour close, the next major liquidity zone sits around $82.50 - $85.00.
Immediate Resistance: $94.50 and $97.80.
Major Resistance: $100.00. This was the previous floor; reclaiming it is essential for any bullish reversal.
๐ Current Market Situation
The broader cryptocurrency market is currently experiencing a "flush." While Bitcoin has been testing high levels (recently hovering near $80k), many altcoins, including Solana, are seeing liquidity outflows as investors move toward "risk-off" assets or stablecoins.
Sentiment: Fear is starting to creep back into the altcoin market. Traders are currently watching the $90 level closely; a breakdown here could trigger a cascade of long-liquidation orders.
Network Health: Despite the price drop, Solanaโs on-chain metrics remain robust. The 2026 "Alpenglow" upgrades have kept the network stable, and developer activity remains at an all-time high.
๐ Expectations and Trading Options
Option A: The Bearish Continuation (High Probability)
If SOL fails to reclaim $92.50 within the next few hours, expect a slow bleed or a "flash wick" down to $86.00.
Expectation: Sellers will likely wait for a small bounce to "sell the rip," keeping the price suppressed.
Option B: The Bullish Reversal (Low to Medium Probability)
If the $90.00 support holds firmly and we see a "double bottom" on the 15m chart, a quick recovery to $96.00 is possible.
Expectation: This would be a "dead cat bounce" unless the volume turns green and stays consistent.
Option C: Consolidation
The price may move sideways between $90.00 and $93.00 for the next 24 hours as the market digests the recent 9% drop.
โ ๏ธ Note: Entering a "Long" position right now is high-risk. The trend is clearly down. Most professional traders would wait for a successful retest of $90 or a breakout above $95 with high volume before entering.
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