As of publication, Solana (SOL) is priced at $85.33, with short-term sentiment leaning bearish and market volatility at a moderate level. According to CoinGecko data, the RSI is nearing the neutral zone around 50, and the price remains below both the 50-day and 200-day moving averages. Recently, the proportion of bullish closing prices across multiple trading periods has been less than 50%, indicating weak buying strength.
Technical analysts are closely monitoring whether the $85 key support level holds substantial significance or is merely a temporary pause in the downtrend. Market analyst Crypto Patel noted, "The $85 area has become the focal point of the bulls and bears; its ability to hold will directly influence the evolution of subsequent price movements."
If the $85 support holds, the market may stabilize and rebound. It is crucial to watch for a significant increase in trading volume, particularly whether the inflows in the spot and derivatives markets rise in tandem. If the price can strongly break above $90, and the MACD indicator maintains bullish momentum, along with higher lows during intraday pullbacks and the candlestick body not breaking below $85, it will constitute a strong reversal signal.
Conversely, if the $85 support fails, the next support level will target the $80 mark, potentially testing the dense trading zone between $75 and $72. This area has historically deep liquidity, but if accompanied by sustained selling pressure, it could trigger a chain reaction of stop-loss orders, exacerbating short-term downward pressure. Investors should closely track large order flows and on-chain capital movement changes to gauge the true market sentiment.