TL;DR:
The immediate future of SOL is uncertain following a recent technical breakdown that has left the crypto market at a crossroads. On its daily chart, the asset validated a “head and shoulders” formation, dragging the price toward a critical support level.
After this pattern lost its neckline, the coin fell below the psychological $100 zone, which now acts as solid resistance. Consequently, investors remain cautious while the price seeks stability near $79.60.
This bearish structure is reinforced by a Relative Strength Index (RSI) moving toward the 30-point zone. Therefore, if selling pressure does not subside soon, the market is likely to seek liquidity at much lower levels.
If the price continues to fall, the next technical target for bears lies in a band between $50 and $60. This area marks the most significant Solana critical support from previous cycles, where significant institutional demand is expected to resurface.
However, an alternative view offers a glimmer of hope for bulls if an upward trendline on shorter-term charts is respected. If the price compresses and breaks through the gray resistance band, the immediate recovery target would be set at $114.35.
For now, the market remains attentive to the confirmation of either of these two extreme movements. Current volatility suggests that Solana is defining its trajectory for the remainder of the quarter, with the $80 level serving as the central battlefield.
In summary, the loss of historic levels leaves SOL in a vulnerable position. Traders must closely monitor Solana’s critical support to determine whether we are facing a buying opportunity or the start of a deeper correction.
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