SOL Slides Below $85 As $2.1B In Stablecoins Sit Idle On Solana Network
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Solana(SOL) is back in the $80 zone after sliding more than 70% from its peak near $297, with analysts split on what comes next.
SOL Tests $80 Support
The token changed hands near $83 on Wednesday, according to CoinCodex, after repeated failed attempts to break above the $85 to $88 resistance band. Lower highs continue to form on the daily chart.
The price now sits below the 50-day, 100-day, and 200-day exponential moving averages, each of which now acts as overhead resistance.
A break under $80 would open the door to $75 and $70 next. The $50 area remains the line that defines the broader bullish case.
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Patel's Cycle Thesis
Analyst Crypto Patelargues that SOL has exited a downtrend and entered a wide consolidation. He marks $50 to $80 as a long-term accumulation zone, with upside targets at $500 and $1,000 if past cycles repeat.
Patel anchors the call on Solana's prior runs, when the token climbed from $8 in 2023 to over $160, then pushed near $300 the following cycle.
Stablecoin flows tell a parallel story. More than $2.1 billion in stablecoins moved onto Solana in a single week, and roughly 60% to 70% remains parked in wallets, per AIXBT data cited by CoinCodex.
SOL has cooled sharply in recent weeks. The token lost momentum near the $120 to $140 zone earlier in the cycle, then compressed under $100 before sliding into the current $80 range. Its all-time high near $297 was set during the previous run.
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