Solana (SOL) Price Prediction: Massive Sell Off Pushes SOL Below Crucial Support

Solana is currently trading around the $85 mark and is attempting to build momentum on lower timeframes. As we highlighted in our previous analysis, the price had been consolidating between $120 and $145 before breaking lower as predicted. This breakdown intensified last week during a market-wide flash crash which saw Solana tumble to $68 while Bitcoin dropped toward $60,000. While sellers currently appear exhausted, the bulls face a difficult task as they try to secure a relief rally and maintain these levels against a heavy bearish macro trend. Let's examine the latest SOL charts to see where the price might be headed next.

Our Solana Price Prediction Summary

• Solana is currently finding support between $75 and $80 after a major breakdown from its previous $120 to $145 consolidation zone.
• The oversold RSI signals that bearish momentum may be exhausted which could lead to a short-term relief rally toward the $100 resistance level.
• The broader outlook remains bearish because the price is trading below the key $100 historical mark and continues to follow a macro downtrend.

Analyzing the Charts

Price Recovery Stalls Below $100

If we look at the latest 4-hour charts for Solana, we can see that the price has found some support around the $75 to $80 area and is currently bouncing from those levels. While the price is moving sideways above this support, it clearly lacks any significant momentum. Ideally, we should see a short relief rally here for Solana. However, with the market still lacking real steam, it is likely that we will see further sideways movement in the short term. If the price manages to build momentum, the next major resistance level we are eyeing is the $100 mark.

Oversold RSI and Consolidation

Switching to the 1-day timeframe, we can see that the price experienced a massive sell-off last week. This decline was triggered as soon as the price broke below the consolidation zone between $120 and $145 which had been respected for over two months. This drop was also fueled by Bitcoin losing its own crucial support levels and taking a nosedive during the flash crash. Right now, things seem to have calmed down. With the daily RSI showing oversold levels, we can expect some consolidation in the short term or even a relief rally involving a retest of the $100 mark.

Macro Bearish Trend Persists

Final Takeaway: What is Next for Solana?

Solana remains in a precarious position following its sharp decline from the $120 to $145 consolidation zone. While the $75 to $80 area has provided some immediate support and the oversold RSI suggests a potential for a relief rally, the macro-outlook stays bearish. A sustained break below the $100 mark is a significant concern as it was a key historical level for the asset. Bulls must reclaim this $100 level to shift the current momentum, otherwise the risk of further correction remains high.