Solana Distribution Pattern Keeps $190 in Focus for Bulls

Solana extended its decline this week as selling pressure pushed the token toward a critical technical zone. The asset trades near $80 after losing over 12% in seven days. Daily volume exceeds $4.3 billion, showing active positioning from both bulls and bears.

With a market cap above $45 billion, Solana remains a major large-cap asset. However, analysts now debate whether this level marks a short-term floor or signals further downside.

Support at $72 and $64 Faces Early Pressure

Morecryptoonl notes that market structure still looks weak on higher timeframes. The analyst explains that buyers must defend price before a break below $72.

Otherwise, the probability of another leg lower increases. Moreover, the chart lacks a clear five-wave impulsive move upward. Hence, conviction around a confirmed bottom remains limited.

If buyers step in quickly, last week’s low could hold as a base. However, that scenario requires a decisive break above $90. Without that breakout, risk stays tilted toward another sweep of liquidity. Morecryptoonl identifies $62 as the next key support if weakness continues.

Additionally, ErickCrypto21M tracks similar levels but places stronger emphasis on $64. According to that analysis, $64 acts as major structural support. The analyst sees resistance around $95 before any sustained upside.

Consequently, price may retest $64 before attempting a broader recovery. A move above $95 would improve medium-term sentiment significantly.

Distribution Pattern Keeps $190 in Focus

Beyond short-term levels, Solana still trades inside a broad distribution range. The token rejected the prior 2021 all-time high zone near $260. Since then, price carved a visible head-and-shoulders structure. Breakdown pressure accelerated toward the $80–$81 area. This zone now serves as critical short-term support.

Source: X

ReetikaTrades references Capo’s broader outlook on Solana. That view anticipates a sharp rebound toward $190 before deeper downside.

Significantly, $190 aligns with prior supply and heavy resistance. A relief rally toward $100 and possibly $135 could develop first. However, sustained weakness below $80 would shift focus to $51 support.

If selling intensifies further, extended targets between $25 and $20 emerge. Consequently, traders now monitor $80 closely as a decision point. Solana stands at a crossroads where buyers must prove strength quickly.

Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments