Solana has come under renewed selling pressure after a brief intraday recovery failed to clear the $90 level, leaving traders focused on key support and resistance zones. On November 10, SOL bounced from an intraday low near $88.75 but repeatedly faced resistance around $89.75. By November 11, SOL was trading near $82.50, down 0.89% on the day and roughly 34% below its late-September high near $124.
The chart shows a break below an ascending trendline that had supported price through the summer. Support now sits between $78 and $82, an area where buyers were active in June and July. A daily close below $78 could open a path toward $70 to $75, while resistance is seen near $85, with stronger supply between $90 and $93.
Momentum indicators point to stretched conditions. The Relative Strength Index fell to 23.41, deep in oversold territory. The MACD line remains below its signal line and under zero. Some analysts describe the move as a textbook retracement after an overbought run and note that SOL has reached downside targets drawn a month ago.
Institutional flows have also weakened. US spot Solana ETFs recorded about $35.1 million in net outflows from November 5 to November 10, including $24.2 million on November 6 and $7.7 million on November 9. Despite this, cumulative net inflows since launch remain positive at approximately $1.43 billion.
Solana's market capitalization stands near $52.91 billion, with 24-hour trading volume down about 50.94%. Network activity remains substantial: DefiLlama reported 93.48 million transactions in 24 hours, 2.71 million active addresses, and $1.34 billion in DEX volume, although seven-day DEX volume fell 14.33%. Stablecoin market capitalization on Solana dropped 4.36% to $14.56 billion.
Separately, ecosystem developments continue. Samsung Wallet launched a stablecoin account on November 5, enabling eligible Galaxy users in the US to buy, hold, send and receive USDC on Solana. On November 10, Helius launched Solana Privacy Rings, a permissionless privacy protocol adding encrypted balances and private transfers for DeFi applications.
For now, Solana’s near-term direction remains tied to the nearby price boundaries. Holding the $78 to $82 area could allow buyers to rebuild momentum, but a rejection near resistance would keep the token rangebound or extend the downtrend.
