Solana Price Struggles Near $80 Amid Bearish Pressure and Key Support Levels

Key Insights:

• Solana faces a critical support zone near $67–$70, with a breakdown below $67 potentially exposing $62.
• Resistance between $95–$101 remains key for any potential recovery, while $138.7 serves as a major supply zone.
• A sharp contraction in open interest suggests reduced liquidation risk, making the derivatives market more neutral.

Solana’s price is currently hovering just above $80 after experiencing months of sustained downward pressure. The token’s failure to reclaim its $253 high led to a significant downtrend, with the price continually printing lower highs and lower lows. This shift in market sentiment now heavily favors sellers, especially on higher time frames.

Solana now sits close to the $67–$70 range, which marks a critical support area in the ongoing cycle. This zone represents the Fib 0.0 level, which traders are watching closely. If bulls fail to defend this region, the next likely support level comes in at $62, with a potential macro support at $50 if the market capitulates.

On the other hand, the upside remains capped by resistance between $95 and $101. This range is crucial, as it aligns with a dense EMA cluster and previous breakdown levels. Should Solana break above this range, the next resistance levels to watch will be around $111.5, followed by the major supply zone near $138.7.

Market Structure and Moving Averages

The technical structure clearly shows a bearish trend, with Solana trading below major moving averages. This supports the notion that sellers remain in control, especially given that Bollinger Bands continue to expand, indicating that volatility is likely to continue to the downside.

Source: TradingView

Derivatives data reveal a significant reset in speculative positioning. Open interest surged dramatically during Solana’s previous rally, spiking from under $2 billion to above $15 billion as the price moved toward the $250 mark. However, after a series of failed attempts to sustain upward momentum, open interest has contracted back to $5 billion. This shift suggests that excessive leverage has been flushed from the system, reducing liquidation risk in the short term. The market now appears more neutral as traders await clearer directional signals.

Exchange Flow Data Shows Stabilization

Recent exchange flow data highlights a phase of heavy distribution between July and October. However, more recent data points to a shift in sentiment, with outflows becoming more frequent and moderate inflows signaling stabilization. For now, the market remains in a holding pattern, as traders look for signs of continued accumulation.