Solana (SOL) Back On The Defensive—Can Bulls Prevent Another Drop?

Solana (SOL) has failed to sustain gains above $67 and entered a bearish correction, trading below $65 and the 100-hour moving average. The coin faces critical support at $63.10 and $62.20, with potential further downside if these levels break, while bulls need to reclaim $67.20 resistance to reignite upward momentum.

Solana's recent price action reflects broader market weakness affecting major cryptocurrencies including Bitcoin and Ethereum. The rejection at $67 represents a failure to extend the upward wave that began from the $60.12 swing low, indicating weakening buying pressure at higher levels. The breakdown below the 50% Fibonacci retracement level suggests momentum has reversed, and SOL now trades in technical no-man's-land where neither bulls nor bears have clear control.

The technical picture deteriorates as the hourly MACD gains bearish momentum while the RSI remains below 50, signaling sustained selling pressure without oversold conditions that might trigger reversal buying. Solana's position below the 100-hour moving average reinforces the bearish structure, as short-term traders typically use this level as a reference for trend direction. The break below the bullish trend line at $66 eliminates a key support that previously anchored upside confidence.

For traders, the $63.10 zone represents the next critical test before the 61.8% Fibonacci level at $62.20 becomes relevant. A sustained close below $62.20 would validate further downside toward the $60 support and potentially $55 in a more severe decline. Conversely, if bulls can reclaim $67.20, the path toward $70 reopens, though the failed attempt to sustain higher prices suggests institutional conviction weakened. Current market conditions favor position management over new entries, with risk/reward skewed downward until technical structure stabilizes above key resistance levels.

• →SOL broke below the bullish trend line and $65 level, entering a bearish correction zone with weakening technical indicators.
• →Support levels at $63.10, $62.20, and $60 become critical thresholds determining depth of the potential decline.
• →The MACD showing bearish momentum and RSI below 50 confirm selling pressure without oversold extremes for reversal buying.
• →Reclaiming $67.20 resistance is required for bulls to restart the uptrend, with $70 as the next target if successful.
• →The failed attempt to sustain above $67 suggests weakening institutional demand at higher price levels.