Solana’s price rally stalled after surging from approximately $75.60 to $92.10 earlier in the week, a gain of over 21%, leaving it trading within a range. Analysis of derivatives data and on-chain metrics suggests sustained selling pressure, with a key weekly support level breached and open interest declining.
Solana (SOL) experienced a strong rally of 21.78% in 32 hours, moving from around $75.60 to $92.10, before the momentum stalled. The asset subsequently retreated back toward the lower bounds of a trading range it has occupied for most of February. Data from Coinalyze shows a decline in open interest and negative funding rates, signaling bearish sentiment among derivatives traders.
The market sentiment turned fearful following a broader Bitcoin sell-off, exacerbated by fears of geopolitical escalation. Panic selling was noted across derivatives markets. On-chain data from Glassnode indicates Solana’s Coin Days Destroyed metric has trended higher, suggesting sellers have been active throughout the month.
Swing traders are cautioned that the current range formation may be poised for a breakdown. The price is testing a local floor while capital flow indicators show mixed signals.
The weekly chart structure remains bearish, with the pivotal March 2025 low near $95 decisively broken. According to extension levels derived from the provided chart, the next long-term technical target could be near $47.93.