The broader cryptocurrency market remains under heavy selling pressure, with Bitcoin (BTC) falling below the $62,000 level and dragging major altcoins lower. Solana (SOL) has emerged as one of the hardest-hit large-cap cryptocurrencies, extending its recent decline after losing a critical support zone.
At the time of writing, Solana price trades at $69.53, with a 24-hour trading volume of $8.31 billion and a market capitalization of $40.22 billion. SOL has fallen 6.45% over the past 24 hours as risk-off sentiment continues to dominate crypto markets.
Source: CoinMarketcap
Solana Price Loses Critical Support Level
Crypto analyst Ali Martinez recently highlighted the importance of the $77 level for Solana price. According to Martinez, data from the UTXO Realized Price Distribution (URPD) model identifies $77 as a major support zone where a large amount of investor activity previously took place.
Source: Ali Martinez X Post
Martinez pointed out that if Solana stays below its current low, it could drop to much lower support zones. There’s not much demand below $77, so the next stops of interest are around $53, $35, and $24.
Losing a key support level usually raises volatility since fewer folks are willing to buy at rising prices. Because of this, people in the market are keeping an eye on whether buyers can steady SOL at its present price.
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Technical Indicators Point to Continued Weakness
From a technical perspective, Solana remains under strong bearish pressure. The daily chart shows SOL trading around $69.70 after breaking below several key support levels.
According to TradingView data, Solana price now trades below all major moving averages:
- 20-day EMA: $81.19
- 50-day EMA: $84.44
- 100-day EMA: $89.84
- 200-day EMA: $105.62
This alignment confirms a broader downtrend across both short-term and long-term timeframes.
A sharp breakdown below the $75 support area accelerated selling pressure and pushed SOL toward the next major support zone near $65.
Source: TradingView
Meanwhile, the MACD indicator remains firmly bearish. The MACD line continues to trade below the signal line, while expanding negative histogram bars suggest increasing downside momentum.
Unless buyers reclaim the $81–$84 resistance region, bearish control may remain intact in the near term.
Bitcoin Weakness Adds Pressure on Solana Price
The recent decline in Solana also reflects broader weakness across the cryptocurrency market. Bitcoin’s drop below $62,000 has triggered renewed selling across altcoins, causing capital to rotate into stablecoins and lower-risk assets.
Solana historically moves with Bitcoin during market struggles. If BTC stays below its support, SOL might experience more dips before bouncing back.
Right now, traders keep an eye on Solana’s $65 support level. Holding this zone could steady prices, but breaking down may lead to even lower targets.
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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