Solana continues to struggle as its price finds difficulty breaking out, with momentum remaining light. It appears to be part of a downward trend, although there is less selling pressure at the moment. Bottom line: Buying power is weak, and the trend is bearish.
At the time of writing, Solana (SOL) is trading at $85.42, recording a 24-hour trading volume close to $6 billion and a market capitalization near $49 billion, according to data from CoinMarketCap. The SOL price decreased by 1.02% over the last 24 hours, highlighting continued fragility in the prevailing trend.
Source: CoinMarketCap
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Solana Forms Five-Wave Bearish Pattern
A crypto analyst, More Crypto Online, noted on April 20, 2026, that the recent price movement of Solana is exhibiting a behavior pattern consistent with those observed in Bitcoin and Ethereum. As per his observation, the recent price trend appears to be developing into a five-wave correction pattern.
The recent move was supported by a minor Fibonacci level that was formed as part of a short-term rally. However, the level cannot be viewed as powerful enough for a confirmation.
Wave patterns in Bitcoin and Ethereum have previously been seen to precede prolonged retracements, thus strengthening the pessimistic view about Solana’s future path.
Solana Signals No Strong Reversal
The technical indicators keep pointing towards weakness. The RSI is around 35, showing that the asset is close to becoming oversold, but there isn’t enough buying power. This means that although the selling pressure is declining, buyers aren’t strong enough to turn the tide.
Furthermore, Solana is trading below all the crucial levels of its important moving averages, and this shows how the overall bearish trend still prevails for the asset. The significant difference between the existing price of the asset and its average level indicates that the asset is under pressure.
Source: TradingView
At the same time, it looks like the MACD oscillator is giving signals that something may change soon, although the signal cannot be considered reliable yet. Even though the lines of the oscillator are forming an upward trend, the histogram is still in the minus range.
Overall, the trend is still weak for Solana. As long as buying interest doesn’t increase, there is a chance that the price will continue to be under pressure in the short term.
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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