Solana News Today: Solana Falls 13.89% as Bears Control Key Support Zone

Solana (SOL) has experienced a sharp decline in value, falling 13.89% over the past week as selling pressure intensified. The price dropped from a high of $201.53 to $161.48 amid a consistent bearish trend [1]. Short-term price action reveals multiple failed rebounds, with the asset failing to maintain momentum during brief spikes in mid-July. Each recovery attempt was followed by a sharper decline, forming a clear pattern of lower highs and lower lows [1].

The downward movement has pushed the price below a key descending trendline, placing it near a critical support zone of $155–$165 [1]. This area previously acted as a base in early July, and although the price has tested it again, it remains below the descending trendline. Analysts, including Kamran on X, have noted that the recent sharp bearish candle and weak consolidation suggest a continuation of the bearish trend [2]. The inability to break above this trendline underscores the dominance of sellers in the short term.

Despite the near-term weakness, long-term technical indicators suggest a more bullish narrative. Galaxy’s analysis highlights that Solana has maintained a consistent upward structure since early 2023, with higher lows forming along an ascending trendline [3]. This pattern was reinforced during a rally to $200 in mid-2024, where the ascending trendline served as a reliable support. After a consolidation phase between $110 and $200, the price has shown another bounce from this trendline, indicating that the long-term bullish structure remains intact [3].

While short-term dynamics continue to favor bears, the long-term trendline suggests that Solana may yet find a floor and begin another accumulation phase. Traders are closely watching whether the $155–$165 range can hold as a new base, potentially setting the stage for a bullish reversal. However, until the price breaks above the descending trendline and shows sustained buying pressure, the bearish sentiment is expected to remain dominant.

Sources:

[1] Solana Drops 13.89% in a Week With Rejection at $210 as Key Support Retests With Bears in Control (https://cryptonewsland.com/solana-drops-13-89-in-a-week-with-rejection-a/)