Solana (SOL) dropped more than 5% to a low of $77.30 after failing to hold above the $92 level, extending a broader sell-off that has also swept through Bitcoin (BTC) and Ethereum (ETH) as bearish momentum intensifies across the cryptocurrency market.
What Happened: SOL Breaks Key Support
The token slid below both the $90 and $85 support levels before settling into a consolidation pattern under $82. It is now trading below the 100-hourly simple moving average.
On the hourly chart of the SOL/USD pair, a bearish trend line has formed with resistance at $82, according to data from Kraken. The price sits below the 23.6% Fibonacci retracement level of the downward move from the $86.68 swing high to the $77.30 low.
On the upside, immediate resistance stands near $80, with the next major level at $82 — roughly in line with the 50% Fibonacci retracement of the same range. A close above $83.10 could open the door to a move toward $87 and eventually $92.
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Why It Matters: Bearish Signals Mount
Technical indicators point to continued downside pressure. The hourly MACD is gaining pace in the bearish zone, while the RSI remains below 50.
If SOL fails to reclaim $82, support at $77 and $75 becomes critical. A break below $75 could send the price toward $70, and a close under that level raises the prospect of a decline to $62.
The bulls' best chance at a recovery hinges on defending the $75 to $70 range.
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