SOL Faces Key $76 Threshold as Bears Pressure Short-Term Range

Solana continues to sit at a critical crossroads as traders weigh recovery hopes against lingering downside risks. The token now trades at $82.37 after a modest daily gain of 1.09%. 

However, the broader trend still reflects a 3.28% decline over the past week. Market participants watch key technical levels closely as momentum shifts within a tight multi-week range.

With a circulating supply of 570 million tokens, Solana holds a market capitalization of $46.8 billion. Daily trading volume exceeds $4.4 billion, showing that liquidity remains strong. Yet price structure suggests uncertainty rather than conviction. Consequently, analysts remain divided on the next decisive move.

Bearish Pressure Builds Below $80

Ali Martinez notes that Solana appears to be forming a flag pattern on lower time frames. This structure often precedes a breakout move once compression ends. However, he identifies $76 as the level that must break to confirm downside continuation. Consequently, traders now treat that threshold as the technical trigger point.

Wealthmanager also highlights the importance of the $76–$78 zone. The asset recently traded below $80 and repeatedly tested this floor. 

Each bounce has grown weaker, which signals fading buyer conviction. Moreover, the pattern of lower highs from the $90–$92 region reinforces short-term bearish momentum.

The Relative Strength Index remains muted and fails to show strong recovery signals. Hence, momentum indicators support the idea of continued selling pressure. 

If sellers force a decisive close under $76, liquidity could thin rapidly. That scenario exposes $70 first and then the wider $60–$70 demand range.

Support Zone Faces Critical Test

Source: X

Morecryptoonl focuses on the broader multi-week range between roughly $62 and $90. Within that structure, Solana now tests support near the 61.8% retracement around $75–$78. 

Bulls defended this region previously, yet the current reaction lacks strong reversal signals. Additionally, price action does not show sustained consolidation that would suggest accumulation.

If this support fails, technical projections point toward $72 as the next immediate target. A deeper move toward $62 could follow if momentum accelerates. However, reclaiming $82–$85 would shift short-term structure back toward strength. Such a recovery would invalidate immediate breakdown risks.