Solana Faces Bearish Pressure Below $84, Key Support at $80

Solana (SOL) is currently experiencing bearish pressure, trading below the $84 level with a key support zone identified at $80. This setup indicates potential further declines as the market reacts to broader geopolitical tensions.

Market Context

The broader market structure for Solana shows a recent downtrend, with the price failing to maintain previous support levels. The asset has been influenced by external factors, including geopolitical tensions that have affected risk assets globally. This has contributed to the bearish sentiment surrounding Solana.

Key Levels

• Support: The primary support level is at $80, a critical zone that could provide temporary relief if tested.
• Resistance: Immediate resistance is at $84, with further resistance expected around $88 if the price attempts a recovery.
• Critical zones: The area between $80 and $84 is crucial, as a break below or above these levels could determine the next directional move.

Indicators Snapshot

Technical indicators suggest a bearish outlook. The moving averages are positioned to reflect downward momentum, with the short-term averages crossing below the longer-term averages. This alignment often suggests continued pressure. Additionally, volume patterns indicate a lack of strong buying interest, reinforcing the bearish sentiment.

Scenarios (Next 24–72h)

• Bullish scenario: If Solana manages to reclaim and hold above $84, it could attempt to test the $88 resistance level.
• Base case: If Solana remains between $80 and $84, it may consolidate within this range, awaiting further market cues.
• Bearish scenario: If Solana breaks below the $80 support, it could face further declines, potentially targeting lower support levels.

Risk Notes

This analysis is for educational purposes only and does not constitute financial advice. Market conditions can change rapidly. Always conduct your own research and manage risk appropriately.

Sources

• https://www.newsbtc.com/analysis/solana-sol-pressured-80/