Solana (SOL) price remains under significant corrective pressure, with technical analysis pointing toward a potential deeper decline toward the $57 Fibonacci extension level. The cryptocurrency has lost a key structural support level at $170, which has now flipped to resistance, confirming a bearish market structure shift.
Recent price bounces have been characterized by low trading volume, signaling weak buyer demand and increasing the risk of further downside. Analysts note that these low-volume recoveries are often driven by short covering rather than genuine accumulation, leaving the asset vulnerable. The primary technical focus is now on the 0.618 Fibonacci extension near $57, a level identified as a critical macro support and potential reversal zone. This area aligns with historical demand and structural liquidity pockets.
On shorter timeframes, SOL is trading bearishly, having declined by 1.46% in the last 24 hours to approximately $83.82. It is testing support around $83.69, with a breakdown potentially leading to a test of the $80 range. The longer-term chart shows SOL failing to sustain above the $90 area, with no clear reversal signals present. The coin is currently trading in the middle of its channel, suggesting subdued volatility in the near term.
The overall technical narrative suggests that until the $57 zone is tested or invalidated with strong bullish conviction and volume, Solana remains at risk of continued correction. A decisive defense of that level, however, could set the stage for a macro reversal.
