Solana (SOL) is experiencing increased selling pressure as it tests a key support level, which could trigger further short-term declines. However, buyers are stepping in at this level, potentially supporting a rebound.
At the time of writing, SOL is trading at $79.89, with a 24-hour trading volume of $7.54 billion and a market capitalization of $45.77 billion. Over the last 24 hours, the coin has declined by 4.32%, according to CoinMarketCap, reflecting ongoing volatility in the broader crypto market.
Solana Bounces Off Key Support
According to insights provided by crypto analyst Alpha Crypto Signal on February 23, 2026, SOL is trading in a defined horizontal range on the 4-hourly chart, where it has bounced off the support line of the range in recent trading sessions. The range pattern is still intact, and the buyers are re-entering the market at the lower end of the range.
As long as this level holds, the outlook for SOL will remain bullish, with the aim of reaching the upper end of the channel. The top of the channel will remain the main target unless the level breaks.
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Solana Nears Oversold Technical Levels
Despite this, technical indicators show that the price is still facing downward pressure. The Relative Strength Index (RSI) is currently at 28.62, which is lower than its signal line, 35.91. This shows that SOL is close to oversold.
As indicated by the Moving Average Ribbon, the stock is trading substantially lower than its major averages, with its 20 SMA at 131.05, 50 SMA at 155.17, 100 SMA at 163.28, and 200 SMA at 103.50.
The MACD indicator is still in the negative region, as the MACD line is currently at -23.73, the signal line is at -17.97, while the histogram is at -5.76. This means that the momentum is still on the side of the sellers.
Overall, Solana’s short-term outlook is one of caution. Support levels should be monitored, with a break above it possibly resulting in a rally towards the top of the channel.
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