- Solana (SOL) is trading near $116.84, pressured by overall crypto market weakness despite high trading volume.
- Technical indicators show SOL remains in a downtrend, with support around $112–$115 and resistance near $123–$130.
Solana (SOL) is trading near $116.84, down about 4.7% in the last 24 hours, as selling pressure continues across the global crypto market. The decline comes despite strong trading activity, with 24-hour volume rising 100% to $7.86 billion, showing that participation remains high even as prices move lower. In the current trading session, SOL recorded a low of $112.97 and a high of $122.93, but failed to hold gains near the upper range.
SOL Chart Shows Continued Downside Pressure
On the daily timeframe, SOL remains in a clear downtrend that began after failing to sustain above $140 levels earlier this year. The price is below both the 9-day MA ($123.75) and 21-day MA ($132.30), signaling that sellers are controlling short-term price action. The RSI is at 35.53, signaling weak momentum and nearing oversold conditions, while the MACD shows a negative crossover with the MACD line at -1.80, signal line at -2.04 and histogram slightly improving at -3.85, suggesting consolidation with ongoing bearish bias.
Looking at the weekly chart, Solana is still correcting from its earlier 2024–2025 rally. Price is now well below the 9-week and 21-week moving averages, which have turned downward. This signals that the broader trend has weakened. While SOL is holding above the $110 zone for now, the weekly structure shows no confirmed base formation yet.
Zooming in, the BBPT indicator remains below the zero line, indicating that bullish pressure is still limited. Although selling momentum has slowed compared to earlier weeks, buyers have not regained control, keeping the market range-bound.
For now, support lies near $112–$115, while resistance remains around $123–$130. Until momentum improves, SOL is likely to remain under pressure within this range.
Source: https://thenewscrypto.com/sol-technical-outlook-shows-weakness-amid-broader-market/
