- Solana struggles as price drops 17.77%, testing key support at $135-$137.
- Bearish indicators persist, but RSI hints at possible short-term recovery.
- Derivatives data shows declining futures but rising options market activity.
Solana (SOL) has faced a steep decline in the past 24 hours, with its price dropping significantly from $167.23 to $137.79. The cryptocurrency lost 17.77% of its value in a single day, raising concerns about its short-term trajectory.
Besides, Solana’s market cap has fallen to $69.98 billion, reflecting a 17.73% decrease. The 24-hour trading volume also saw a sharp drop of 23.85%, now standing at $9.54 billion. The downturn comes amid broader market uncertainty, leaving traders wondering if SOL can stabilize or if further declines are imminent.
Key Resistance and Support Levels
Solana is currently testing critical support zones, which could determine its next price move. The price has found temporary stability around $135-$137. If this range holds, buyers may attempt a recovery toward higher levels. However, if selling pressure intensifies, SOL could slide toward the psychological support level of $130.
On the upside, the nearest resistance zone lies between $150 and $155. This level previously acted as support but may now pose a challenge for bullish momentum. A successful breakout above this range could push SOL toward $167.22, the recent high before the decline.
Market Indicators and Trend Outlook
The Relative Strength Index (RSI) currently sits at 38.28, placing SOL in bearish territory. Although it suggests oversold conditions, a definitive reversal is not confirmed. If RSI climbs above 40-45, it may indicate a potential recovery.
The Moving Average Convergence Divergence (MACD) indicator also signals bearish momentum. The MACD line (-15.10) remains below the signal line (-15.08), while the histogram remains slightly negative. This indicates selling pressure, though a slowdown could be emerging.
Derivatives Market Signals Mixed Sentiment
Solana’s derivatives market presents a contrasting picture. According to Coinglass data, futures trading volume has dropped 15.25% to $22.98 billion, while open interest has declined by 19.90% to $4.02 billion. This suggests that traders are pulling back from leveraged positions, reducing overall market participation.
However, options trading activity has surged, pointing to growing speculative interest. Options volume has jumped 118.84% to $4.57 million, while open interest has climbed 55.46% to $7.74 million. This indicates that investors are positioning themselves for potential price swings, despite the broader downturn in futures trading.
