2026-2-23 14:34 |
Solana (SOL) has declined about 7% over the past week, trading to lows that have acted as a key support zone over the past month.
However, bulls are battling to hold prices near the crucial $80 level, after slipping further from $100 and the highs of $130, where buyers hovered at the end of January 2026.
Despite the potential of a deeper pullback, Solana’s consolidation amid broader market caution suggests seller exhaustion could allow for a sharp bounce.
Solana price test key support at $75SOL dropped to lows of $76 before bouncing above $80 in early trading on Monday, signalling ongoing buyer resilience.
This means SOL is ranged in the zone that proved pivotal during the February 5-6 downturn, when Bitcoin plunged toward $60,000.
During that bloodbath, SOL prices dropped from highs of $93 to $75.
Following Bitcoin's drop to below $65k again, the altcoin has revisited the reload zone.
Buyers previously showed strength here around mid-February.
Solana open interest dipsDigital asset investment products have recorded huge outflows in the past week, with a fifth straight weekly decline seeing over $288 million exit ETFs and other products.
But despite cumulative outflows of over $4 billion, led by Bitcoin and Ethereum, Solana has struck net inflows.
According to CoinShares' latest report, SOL saw approximately saw inflows of around $3.3 million last week.
Yet, the overall outlook is bearish as derivatives data reveal the long-to-short ratio at monthly lows below 1.
The funding rates have also turned negative at -0.0320%, with shorts now paying longs to signal possible downside action unless reversed.
SOL price has swung lower as losses across the market mount, and this has pushed open interest to about $5 billion from $7.5 billion on January 23, 2026.
SOL price forecastOn the technical front, the Relative Strength Index (RSI) hovers near 34 on the daily chart, signalling room for potential slip into oversold territory.
The Moving Average Convergence Divergence (MACD) shows a bullish crossover, with the MACD line cutting above the signal.
However, the histogram suggests conviction is shrinking amid a potential bearish flip.
Solana price chart by TradingViewAs the charts show, each dip in the past month has attracted robust buying that prevented deeper declines.
Bulls appear ready to defend the area, and holding above $75 could pave the way for retests of resistance at $90-$100.
Nonetheless, a break below might prove more painful for bulls.
If bulls hold prices above $70 and turn $80 into support, SOL could target $90-$100 on positive catalysts, including institutional demand amid rising ETF inflows.
Conversely, if bearish macro pressure persists, the risks of a drop to $60 or lower will increase.
The $50 area marks a critical base for bulls during the recovery period in November 2023.
The post SOL steadies near $75–$80 zone as buyers show resilience appeared first on Invezz
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