Solana (SOL) tests a critical $80-$83 support zone after a 6% price decline amid broader market weakness. Trading at $84.52, the asset faces cautious technical indicators, including an RSI below 50. Analysts note stabilization above this zone is needed for a potential rebound toward the $97-$100 resistance range. Current momentum, with the price below key moving averages, suggests a tentative market posture that warrants investor attention.
Solana (SOL) fell over 6% amidst broader market declines, testing a crucial support level between $80 and $83. Analysts highlight this zone as pivotal for determining the asset’s near-term direction.
Crypto analyst BitGuru highlighted the coin is attempting to stabilize following recent declines. “This level has increasingly become a key level for buyers,” the analyst stated.
Data from CoinMarketCap shows SOL trading at $84.52 at press time. The asset’s 24-hour trading volume is approximately $7.3 billion with a market capitalization exceeding $48 billion.
If the support holds, the price could target the next resistance range of $97-$100. A failure to hold this zone might extend the decline and increase selling pressure.
Technically, SOL trades near its 20-day simple moving average of $84.62, but remains below its 50, 100, and 200-day averages of $99.20, $115.72, and $154.35 respectively. According to a TradingView chart, the Relative Strength Index (RSI) stands at 44.51, indicating a cautious bearish stance.
The Moving Average Convergence Divergence (MACD) histogram is in positive territory at 1.6769, hinting at a possible momentum shift. The MACD line remains below its signal line, however, suggesting recovery signals are not yet confirmed.
