Solana (SOL) is trading around $84.32 after rising about 2.6% in the past day. Despite this small rebound, the weekly trend is still slightly negative, reflecting hesitation among traders, according to the data from CoinMarketCap on February 28.
Source: CoinMarketCap
Trading activity increased noticeably. The 24-hour volume reached nearly $4.67 billion, jumping more than 26%. Higher volume during sideways price action often means traders are actively reacting to key levels rather than entering long-term positions.
A social market expert also commented on the strength of the resistance. The CryptoPulse posted on February 28 that the $89-$90 region has been a strong rejection zone once again.
The post also stated that if the price cannot close above $90, then the bearish configuration may remain dominant in the short term.
Market action reveals a typical consolidation pattern. Buyers have made several attempts to break the price above, but selling pressure emerges as soon as the price approaches the upper boundary.
Source: X
Also Read: Solana (SOL) Momentum Builds: Can Bulls Clear the $90 Barrier?
Lower Highs Suggest Weakening Upside Pressure for Solana
The chart indicates that the asset is ranging in a horizontal manner. The top line of the range is around $89-$90, and the strong demand is visible at $75-$77.
After the sudden fall from the higher $90 region, the asset has been fluctuating between these two points. Recently, the lower highs in the range indicate that the upward strength is weakening.
Another market expert, More Crypto Online, pointed out that the pressure to move lower is still strong within the sideways pattern that has been ongoing for several weeks.
Looking back at market history, it appears that the bulls have been able to protect the lower region of the range, but as of yet, there is not enough evidence of stability in the current pattern.
Source: X
Correction Wave Signals Point to Possible Further Decline
The short-term technical indicators indicate a possible correction in the technical signals. The price attempted to move up towards $90-$92, but it was strongly pushed back.
Trader Rob provided a more aggressive analysis, indicating buying interest but setting risk controls below the low of the $76 region. His targets were $89, $100, and $125 in case the bullish reversal comes back on track.
Source: X
This pattern also matches the Fibonacci retracement levels around $78 and $75. The region around $75.44 appears to be a deeper correction region, which may see more selling liquidity.
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