As selling pressure mounts in the Solana market, weak technical indicators have put the altcoin firmly in the spotlight. The price of SOL has slid all the way down to 60 dollars, leaving the
As selling pressure mounts in the Solana market, weak technical indicators have put the altcoin firmly in the spotlight. The price of SOL has slid all the way down to 60 dollars, leaving the asset trading approximately 80 percent lower than its all-time high. Eight consecutive monthly red candles on the chart have reinforced the sense that bearish sentiment is firmly in control.
One of the most talked-about developments in the market is that Solana’s monthly Relative Strength Index (RSI) has now dropped below the levels seen during the tumultuous FTX collapse in 2022. This stark move highlights just how strong the downward momentum has historically become on longer-term charts. Analysts emphasize that the situation is not limited to price declines alone but also signals underlying structural weakness in the market.
Crypto analyst Ash Crypto noted that SOL has entered its most extreme oversold zone to date, touching a three-year low at 60 dollars and posting a monthly RSI even weaker than during the FTX fallout.
Data indicates volatility has surged in the derivatives markets as well. Ongoing liquidations in both spot and futures trades have drained risk appetite among investors, further fueling downward pressure. The persistent sequence of monthly losses has been flagged as a key signal of distribution, with market participants growing increasingly cautious.
On-chain distribution data shows that a dense cluster of coins changed hands between 76 and 83 dollars. Remaining below this band suggests that this zone may act as a major resistance area should the price attempt a rebound. Market observers warn that any upward reactions could face intensified selling pressure in this key range.
Mini glossary: URPD is an on-chain metric showing how many coins have shifted hands within specific price ranges. It is frequently used to identify support and resistance levels by mapping cost bases across investors.
According to analyst Ali Charts, with Solana now below 77 dollars, the foremost support levels to monitor are at 53, 35, and 24 dollars.
Below current levels, liquidity is relatively thin, making 53 dollars the first notable support zone. If selling continues, 35 and 24 dollars could emerge as deeper support targets. Investors are watching closely to see if there will be any significant buying interest at these levels.
Some market watchers report that there is gradual buying interest between 70 and 50 dollars, although a sustainable recovery will require the price to overcome those heavy resistance bands first. In the short term, direction is expected to hinge on the balance of buys and sells within pockets of liquidity.
Solana’s latest move is seen as a rare period when both technical indicators and on-chain data are simultaneously painting a weak picture. As a result, traders are paying close attention both to the intense supply pressure in the 76 to 83 dollar range and to the ranking support regions below.
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