Solana (SOL) dropped sharply on Thursday, February 5, 2026, falling 12% amid a broad cryptocurrency market selloff. The token is trading at $81.55, testing key historical support levels. Technical analysis reveals a broken head-and-shoulders pattern on the weekly chart, while the Relative Strength Index has entered oversold territory, potentially signaling a rebound.
Solana continued its decline as the broader crypto market remained in a pullback phase. The token is under pressure, with key support levels now in focus amid persistent bearish conditions.
At publication, Solana was trading at $81.55 with a 24-hour trading volume of $16.53 billion. Analyst CryptoPulse noted that Solana had formed a head and shoulders pattern on the weekly chart after breaking the neckline.
CryptoPulse stated that the Relative Strength Index has entered the oversold area. “Sometimes this can be a signal for a potential rebound,” the analysis suggested.
Another observer, BitGuru, points out that Solana is nearing a known historical demand zone. Investors are monitoring this area, as holding here could lead to a potential pop.
The price of Solana is trending cautiously as it reacts to the overall performance of the cryptocurrency market. Bitcoin and Ethereum are not performing well, and SOL is correlated with them.
Solana breaks a key pattern under heavy selling, with major support zones coming into focus. The oversold conditions indicate that there could be a possible bounce, but the market sentiment is precarious.
