Solana Must Hold Above Crucial $78 Level – Analyst Explains Why
Solana has traded mostly sideways over the past month, with bearish momentum dominating after a May peak near $97 and a weekly loss of 4.09%. A daily chart setup shows SOL moving inside a horizontal channel since early February, with resistance near $97.79 and support near $78.17. Recent rejection at the top of the range suggests a move toward support around $78. If buyers defend $78.17, SOL could recover toward the channel midpoint near $87. If support fails, downside could extend to about $58, implying roughly 30% loss from current levels. SOL is now around $82.91, up slightly on the day, while trading volume has fallen sharply, indicating weak participation. US SOL spot ETFs remain net positive for the week, but inflows have slowed markedly from earlier May highs.
