Solana price is currently in a critical technical stage that entails a test of a crucial breakout level. There are indications of downward pressure in the market, though bulls are fighting to hold onto support levels despite breaking out of a technical formation.
This retest will be critical in determining whether the breakout momentum holds strong. If the support remains firm, Solana may move higher in the future sessions.
At the time of writing, SOL is trading at $86.20, marking a 5.63% drop over the last 24 hours. Despite the decline, market activity remains significant, with 24-hour trading volume at $5.47 billion and market capitalization at $49.82 billion, showing that interest in the asset is still active even during weakness.
Source: CoinMarketCap
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Solana price Tests Key Retest Zone After Breakout
On May 16, 2026, crypto analyst Jonathan Carter reported that the Solana price was in the process of going through an essential technical stage, during which a descending triangle retest would take place. The Solana price had previously broken out of the pattern, and it had come back to retest the old resistance level, which now acts as a support level on the daily time frame.
Source: Jonathan Carter’s X Post
The movement of the market in relation to this area indicates consistent resistance by the buyers, with the Solana price remaining above the breakout point despite the presence of sellers. This implies that there is still buying interest in the current prices, notwithstanding the volatility.
In case this support area holds, Solana price might consider testing its luck towards a more meaningful bullish move, targeting levels of $98, $120, and $145.
Market Activity Slows as SOL Moves Sideways
However, a larger analysis of trade figures indicates lower participation in the market. The volume is down 11.69% at $9.60 billion, while the open interest is down 3.58% to $5.68 billion. This suggests a decline in participation in both the spot and derivatives markets as the Solana price consolidates.
Source: Coinglass
In addition to this, the open interest weighted funding rate is 0.0047%. This means that the SOL price is balanced since the rate shows that there isn’t any particular trend being developed in favor of the long position or the short position.
Source: Coinglass
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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