Solana continues trading below $90 amid weak market sentiment and declining institutional demand. The cryptocurrency currently trades near $83, facing pressure from significant ETF outflows and bearish technical indicators. Key support at the $80 level is critical, with analysts noting the overall market structure remains sensitive to further downside moves.
Solana is trading below $90, with prices consolidating after failing to hold last Friday’s gains. The token’s value has decreased by 14% over the past week, according to CoinMarketCap data.
According to SoSoValue, SOL-based ETFs saw outflows of nearly $12 million last week. This occurs alongside a broader Bitcoin correction affecting market risk.
One analyst mentioned on X that Solana is trading below a key resistance zone. The fair value gap is at $83, which is expected to be tested before a move up towards $90.
The same post noted that the bullish scenario would be invalidated if SOL falls below $80. Market structure is described as extremely sensitive to short-term volatility.
Another analyst stated the price is at a wave 4 support level near the 100% Fibonacci retracement. The wave 5 extension remains valid if SOL trades above $61.64.
Future price levels of $141 and $215 were mentioned as potential targets if the market improves. The current overall environment remains bearish.
CoinGlass data shows trading volume fell nearly 10% to $10.05 billion. Open interest also declined by over 4%, reaching $5.16 billion.
Technical indicators show sustained selling pressure. The Relative Strength Index (RSI) sits at 27.88, while the Moving Average Convergence Divergence (MACD) remains in negative territory.
