Solana is trading near $86 after a steep decline that has erased roughly 70% of its value from the $295 all-time high. Market participants are now closely watching the $95 level as the first major resistance in any short-term rebound attempt. On the daily chart, SOL/USD hovers around $85.51, while weekly figures show prices near $86.83. The token currently sits below several key retracement points, with a prior support area near $104.05 now acting as resistance.
Crypto analyst Dami-Defi highlighted the shift in sentiment, noting that “Everyone loved SOL at $295. Nobody wants it at $86.” This remark underscores the sharp change in market psychology following the downturn. The dotted support zone around $95 has become the immediate upside target for bulls. A successful close above that zone could open the door to a test of the weekly 50 EMA at $124, a level that was lost earlier this year and has since acted as resistance.
Technical indicators show mixed signals. The MACD is slightly bearish, with the MACD line below the signal line and a negative histogram, though momentum is not accelerating strongly. The RSI is at 44.92, below its 55.17 moving average, indicating that buyers have not regained control. A move above 50 on the RSI would signal improving short-term momentum.
On the downside, the $80–$85 zone is crucial. A weekly close below $83 could invalidate the current consolidation, exposing lower supports near a rising trendline at $60. Daily breakdown below $80 could push prices toward $70–$75, keeping the broader structure under pressure. Until Solana can reclaim $124, the recovery attempt remains tentative, with further resistance stacked at $134, $157, $174, $191, and $212.
