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Solana price action looks defensive, while an analyst says a possible downside setup is developing. What’s next?
Solana’s ($SOL) daily chart shows a market that is active but not convincingly strong. $SOL trades at $85.94, down 0.8% over 24 hours, after moving between $85.23 and $88.54. The key signal is not the small daily loss, but the failed intraday structure.
Price rallied sharply toward the upper end of the range, then lost momentum and faded back toward $86. That pattern often suggests overhead supply is still heavy, with sellers using strength to exit rather than buyers building a clean breakout.
At the same time, $SOL lost by 5.4% over 14 days, although it remains down 30.2% over one year. Was the recent Solana bounce a bull-trap inside a damaged longer-term structure?
Solana Price Analysis
The daily TradingView setup points to a market that remains technically defensive. $SOL trades at $85.43, while the Supertrend sits much higher at $93.76. This means the indicator still signals a bearish trend, and the price has not yet regained the level needed to suggest a stronger reversal.
The chart also shows $SOL moving sideways after a steep February breakdown, which usually reflects stabilization rather than confirmed recovery. In practical terms, the recent candles suggest support is forming in the low-to-mid $80 region, but the structure still looks like a pause beneath resistance, not a breakout through it.
The RSI adds a cautious but useful nuance. At 47.01, with the RSI moving above its signal line near 45.54, momentum has improved from oversold conditions without becoming bullish enough to confirm trend control. That matters because it shows selling pressure has cooled, yet buyers still lack dominance.
Solana Setting up for Downside?
Meanwhile, More Crypto Online’s 15-minute Solana chart suggests the recent rebound may be losing strength and setting up for another leg lower. The analyst marks a possible bearish 1-2 Elliott Wave structure, with price stalling below a key resistance cluster between roughly $86.45 and $87.95.
If this 1-2 setup remains valid, the implication is that Solana could begin a fresh impulsive decline. The chart projects lower support targets in the broad $79 to $74 area.
coindesk.com
beincrypto.com
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coinjournal.net