Solana Has Further to Fall? "Open to $75"

▲ Solana (SOL)

Solana (SOL) has fallen below the psychological resistance level of $90 and is now exposed to strong selling pressure, with multiple technical indicators signaling the possibility of further declines.

According to cryptocurrency media outlet NewsBTC on February 13 (local time), Solana recently failed repeatedly to break above $100 and has continued its downward trend after losing support at $95 and then $90. As buying forces retreated after failing to overcome upper resistance levels, pessimistic analyses are gaining traction in the market, suggesting that Solana’s short-term upward momentum has effectively disappeared.

Currently, Solana is trading below major moving averages and appears trapped within a descending channel. Technical indicators such as the Relative Strength Index are hovering near oversold territory, but buying pressure strong enough to trigger a rebound remains absent. The $85 level is being identified as the last line of defense, and if this support collapses, concerns are rising that losses could extend to $80 and even $75.

The broader market environment is also unfavorable for Solana. As major assets including Bitcoin (BTC) continue to move sideways, liquidity in the altcoin market has sharply contracted, adding further selling pressure on Solana. Trading volume is also trending downward, highlighting a lack of momentum to support prices and heightening investor anxiety.

Experts warn that unless Solana decisively breaks above and stabilizes beyond the $95 level, it will be difficult to reverse the current downtrend in the near term. Declining open interest in the futures market, reflecting the accelerating exit of market participants, is also acting as a barrier to price recovery. With a high likelihood of cascading sell-offs following any breakdown of key support levels, investors are urged to exercise heightened caution.

Solana is currently awaiting an influx of bargain-buying around the $85 level, but the dominance of sellers has so far prevented any meaningful rebound. If the $90 level solidifies as resistance, the asset could enter a prolonged period of stagnation, potentially dampening sentiment across the broader ecosystem. A conservative approach is advised amid the risk of further downside in the near term.

Disclaimer: This article is for investment reference only and we are not responsible for any investment losses resulting from its use. The information provided should be interpreted for informational purposes only.