Solana Faces Price Pressure Amid Weak Market Sentiment

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2 days ago

SOL+2.291%

BTC+3.504%

Should l Buy SOL?

Price Trend Analysis: Solana is currently trading near $83 after failing to break the critical resistance at $90, forming a rounded top pattern that indicates weakening bullish momentum and potential further downside risks.
Support Level Pressure: The $78 to $80 support zone is under pressure, and a decisive move below this level could trigger accelerated selling, with traders closely monitoring this area to gauge near-term market direction.
Market Sentiment Impact: With Bitcoin trading below critical resistance levels, overall market sentiment remains subdued, limiting upside across major altcoins and exacerbating selling pressure on Solana.
Supply Concerns Intensified: Recent blockchain data revealed a transfer of over 300,000 SOL to exchanges, raising fears of potential selling pressure; if the support level fails, prices may further decline towards the $75 and $70 zones.

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Technical Analysis for SOL

Technical Sentiment Analysis for Solana (SOL). As of , Solana (SOL) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 3 indicators are flashing buy, while 2 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Solana (SOL) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	74.454	77.927	81.134	84.607	87.814	91.287	94.494
Fibonacci	77.927	80.479	82.055	84.607	87.159	88.735	91.287

About SOL

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.To learn more about this project, check out our deep dive of Solana.The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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