Solana’s price has broken below key support levels, confirming a bearish short-term trend. Technical indicators show weak buying pressure with no immediate reversal signals. However, some analysts point to the asset’s long-term structure, which hints at a potential for a significant future breakout cycle.
Solana faced renewed selling pressure as its price structure shifted sharply on higher timeframes in late March. The decline below the $125 and $110 support zones represented a major change from a previous consolidation phase. According to technical analysis, the range of $110 to $115 has now become a resistance area. The price remains near the lower Bollinger Band with the Ichimoku Cloud acting as a significant hurdle.
Momentum indicators are supporting the bearish near-term view. The RSI is trading in the low 30s, nearing oversold territory but failing to show reversal signs. The MACD remains bearish but shows potential signs of weakening selling pressure.
Key support is now seen between $80 and $85, a level with psychological significance and previous demand. The next major support level below that lies between $65 and $70. Analyst Ray recently shared a long-term perspective on X, stating, “Solana’s valuation of $1,000 is not speculation; it is a long-term milestone.” This view is based on the asset forming a tightening pattern on its long-term chart.
The analysis suggests this pattern could be a symmetrical triangle, representing a balance between bulls and bears. A strong breakout from this formation is anticipated. Estimates cited suggest a possible move of 170% after a breakout, with further expansion potential of 570% to 960% in a complete cycle.
