Solana (SOL) has extended its recent decline, falling below the critical $77 support level amid a broader cryptocurrency market downturn. Analyst Ali Martinez warns that the next major downside target could be as low as $53. The drop coincides with Bitcoin trading below $62,000, which has intensified selling pressure across the altcoin market. Technical indicators remain bearish, with SOL trading below all its major moving averages and the MACD showing increasing selling momentum.
Solana price fell below the critical $77 support level, triggering concerns of further declines. Crypto analyst Ali Martinez stated that $53 could become the next major downside target.
At the time of writing, Solana price trades at $69.53 with a 24-hour trading volume of $8.31 billion. The asset has fallen 6.45% over the past day as risk-off sentiment dominates. Martinez pointed out there is not much demand below $77, so the next stops of interest are around $53, $35, and $24.
Losing a key support level usually raises volatility since fewer folks are willing to buy at rising prices. From a technical perspective, Solana remains under strong bearish pressure.
According to TradingView data, Solana now trades below all major moving averages, including the 20-day EMA at $81.19 and the 200-day EMA at $105.62. This alignment confirms a broader downtrend across both short-term and long-term timeframes.
Meanwhile, the MACD indicator remains firmly bearish, suggesting increasing downside momentum. Unless buyers reclaim the $81–$84 resistance region, bearish control may remain intact.
Bitcoin’s drop below $62,000 has intensified market-wide weakness, adding further pressure on Solana and the broader altcoin market. Solana historically moves with Bitcoin during market struggles.
