Solana fell below $85 on Monday for the fourth straight session, extending its weekly loss to over 12% as Bitcoin dropped to $76,965 and the broader crypto market opened the week in the red.
Ethereum is also down, trading near $2,100. With selling pressure still heavy, all eyes are now on the $80 support level to see if buyers will finally step in.
The week opened with selling right away. Bitcoin fell 2.00% in the last 24 hours and is now trading around $76,965.
This is not a big crash, but buyers are not showing up either. The weekly candle opened bearish, and the mood across the market is cautious.
Ethereum is sitting near $2,100 at the time of writing. Both Bitcoin and Ethereum are moving in the same direction, and that direction is down.
Retail traders are not taking fresh positions right now, and the market is waiting for something to shift.
Solana has had a rough week. SOL has shed more than 12% over the past seven days and is now sitting below $85.
This is the fourth consecutive session in the red, which tells you buyers are not stepping in with any real force at these prices.
A few things are driving the drop together. Retail participation has slowed down a lot.
Liquidations have been hitting the long side hard. And the broader altcoin market is weak across the board.
Institutional money is still going into Solana-backed ETFs, but that flow alone is not enough to absorb the selling pressure coming from the spot market.
The price is falling, but the derivatives market around Solana is anything but quiet.
Perpetual futures volume crossed $20 billion recently, and open interest is sitting around $5.5 billion after nearly touching $7 billion not long ago.
When the price falls, but open interest stays this high, it usually means traders are loading up on positions ahead of a sharp move.
The 24-hour futures volume near $8 billion confirms that active trading is still happening.
Long traders have taken most of the losses from recent liquidations, which is keeping the short-term mood cautious.
On the daily chart, SOL took a heavy beating from the $140-$150 range but has been building a base around $75 to $78 ever since.
That zone has been tested more than once, and buyers have defended it each time.
Since early April, SOL has also been making higher lows, which draws an ascending trendline and points toward slow accumulation.
The bounce has not held, though. SOL got rejected near $97 to $98 and slipped back below the middle Bollinger Band around $88.
The RSI is sitting close to 42, which is in neutral-to-bearish territory. There is no strong buying pressure showing up yet.
SOL is also trading under its 50-day EMA at $87.88, the 100-day EMA at $93.29, and the 200-day EMA at $110.09.
All three are sitting above the price and will act as resistance on any bounce.
The $80 level is now the one number every SOL trader is watching. If SOL holds the $80 to $84 zone and keeps the trendline from breaking, the first recovery target is $90. After that, another test of $97 to $100 becomes possible.
If SOL can push above $100 on good volume, the path to $110 to $120 opens up over the weeks ahead.
If the trendline breaks and SOL closes a daily candle below $80, that changes things. The next support levels to watch would be $77.60 and $75.63, which were the lows from February 5 and February 24.
Buyers showed up at those levels before, so there is a chance history repeats itself.
Traders watching the chart want to see SOL close a daily candle above $88 before calling any recovery real.
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are highly volatile. Always do your own research before making any investment decisions. Past performance does not guarantee future results.
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