Solana’s recent price action has sparked sharp debate among market watchers, as analysts weigh short-term weakness against long-term opportunity. While some traders push back against bearish projections, others argue that the current structure reflects a broader continuation trend.
Market Structure Signals Ongoing Pressure
Analyst Hardy maintains a cautious stance, pointing to a clear pattern of lower highs since Solana’s peak near $240. Consequently, this structure signals sustained downward pressure despite intermittent rallies.
Price recently struggled near the $95 to $100 resistance zone, showing weak bullish follow-through. Moreover, the formation of a rising wedge suggests a potential breakdown scenario.
Support currently sits near $75, yet repeated tests weaken its strength over time. Additionally, a confirmed breakdown could open the door toward $50.
Hardy even identifies the $30 to $40 range as a potential high-conviction accumulation zone. Besides, he views deeper pullbacks as opportunities rather than long-term threats.
Strong Demand Still Holds Key Levels
Satoshi Flipper offers a more balanced outlook, focusing on Solana’s behavior around the $80 level. Notably, every dip below this threshold has reversed quickly, signaling strong buyer interest. Hence, this repeated defense suggests aggressive accumulation and liquidity absorption.
Source: X
However, the chart still shows lower highs, which reflect fading bullish momentum. A decisive move above $85 to $88 could shift sentiment upward again. Conversely, sustained trading below $80 would likely trigger further downside toward $72 or lower.
Additionally, the current consolidation phase indicates indecision rather than a confirmed trend reversal. Traders continue to watch whether buyers can maintain control at these critical levels.
Critical Support Faces Growing Pressure
TedPillows emphasizes the importance of the $75 to $78 support zone. According to his analysis, repeated retests increase the likelihood of a breakdown. Consequently, a daily close below $75 could push Solana toward new lows in the high $60s.
Moreover, rejection from the $95 region reinforces seller dominance in the near term. While a short-term bounce remains possible, the broader trend stays bearish without a reclaim above $90.
Additionally, current market data supports this outlook. Solana trades at $87.65, reflecting a 2.38% daily increase but a 2.8% weekly decline. With a circulating supply of 570 million SOL, the market capitalization stands at $45.86 billion.
Source: https://coinpaper.com/15985/solana-at-a-crossroads-bears-eye-50-while-bulls-defend-80
