Solana News: SOL Stuck Within Narrow Range Following Major Sell-Off

crypthub

about 3 hours ago

Price Stabilization and Technical Indicators

Solana stabilized in a tight range between $78 and $92 after a sharp decline, with price action forming an A-B-C structure. The 50-, 100-, and 200-period SMAs remained above current levels, indicating a bearish trend. Overhead resistance clustered above $83, while momentum indicators like the 14-period RSI showed indecision around mid-40s.

Accumulation Signs and Market Outlook

Trader Bluntz noted early accumulation signs as Solana absorbed sell pressure, suggesting a potential base formation. Price movement shifted from a straight downtrend to sideways consolidation, signaling paused downside momentum. However, the broader trend remained bearish until SOL reclaims key moving averages, with the mid-$90s target remaining speculative.

Trendline Breakdown and Lower Support Levels

Solana broke below a long-term rising trendline, shifting the market structure to downside continuation. Analyst Ali Charts identified critical support zones at $74.11 and $50.18, aligning with prior consolidation areas. The 3-day chart showed weakened momentum and expanded volatility during selloffs, reinforcing the need for price to reclaim former support to reverse the trend.