Solana (SOL) fell 4.45% over the past week as price action remained capped below the $95 resistance level, reinforcing short-term bearish pressure. As of February 22, SOL is trading at $85.35, reflecting consolidation after failing to reclaim higher resistance zones.
According to CoinMarketCap data at the time of writing, 24-hour trading volume dropped 38.89% to $2.01 billion, while market capitalization stands at $48.52 billion. The slowdown in volume signals reduced speculative momentum, even as the price stabilizes near key support.
Descending Channel Structure Maintains Bearish Bias
On the daily timeframe, Solana OL continues to respect a descending channel pattern that has persisted since its late-2025 peak near $260–$270. The formation reflects a series of lower highs and lower lows, confirming sustained downside structure.
Price recently tested the lower boundary of the channel near $75–$80 before staging a mild rebound toward $85. Immediate support now sits at $80, followed by $75 and $60 if selling pressure intensifies.
According to the crypto analyst Globe Of Crypto, on the upside, resistance stands at $95–$100, aligning with the recent rejection zone, followed by $120 near the mid-channel level and $140 at the descending trendline.
A strong breakout above the $100 level could open the way to $120, while a chance to reach $140 might be in sight. However, if $80 falls through, it is likely that the underlying trend will resume its bearish movement.
Weekly RSI and MACD Signal Momentum Exhaustion
Solana’s RSI on a weekly chart is just above 30, which is normally associated with oversold levels. The RSI is below its moving average, indicating that selling pressure is still in play.
Historically, a bounce has been seen when the RSI returns above 40, which is now a level that traders look for as the first sign of a reversal, as shown on the TradingView chart.
The MACD indicator is in the negative region, with the signal line resting on top of the MACD line, while the red histogram bars are expanding. This setup reinforces the fact that the bearish momentum is intact.
A bullish crossover, coupled with contracting histogram bars, would be required to signal stabilization of the trend on higher time frames.
Why This Matters
A strong fall below $80 could trigger a sudden wave of selling, leading to increased short-term volatility and pulling SOL down into further declines around $75 or $60.
On the other hand, a strong breakout above $100 could help SOL escape the downtrend, possibly reviving buying interest and changing the overall market sentiment.
Also Read: Has Solana Lost Its Soul? $SOL Faces Pressure but Recovery Looms