Solana (SOL) is trading near a pivotal price point as bearish sentiment grips the market. According to data from CoinMarketCap, SOL has seen no significant net change in the past month but faces increasing downside risk after failing to break above $97 resistance.
Market analyst Ali Martinez highlights a horizontal channel on the daily chart, defined by support at $78.17 and resistance near $97.79. Martinez warns that a breakdown below the support level could send SOL to $58, a potential 30% decline from current levels.
SOL has been oscillating within this channel since February. The altcoin is currently trading at $83, with daily volumes down 33% to $2.22 billion, signaling a lull in market activity.
Despite bearish price action, US SOL spot ETFs have maintained positive net inflows for a fourth consecutive week, though flows are declining, dropping 84% from May highs.
Martinez explains that if SOL holds above $78.17, a rebound toward the mid-range at $87 is likely. However, a decisive breakdown below support would open the door to $58.