 ▲ Solana (SOL)/AI-generated image © |
Solana (SOL) has fallen to the low $80 range, once again testing a key support zone, with whether it can defend the $78–$85 range emerging as the biggest variable determining its mid-term trajectory.
According to TradingNews on March 8 (local time), SOL is currently trading at around $82, down 6.34% intraday. The day’s low touched $81.75, compared to the previous close of $88.78, marking a sharp daily decline. Since the beginning of the year, SOL has dropped 33%, while its six-month decline stands at 57.6%, significantly widening the gap from this year’s high of $253.61.
Technical indicators have yet to show a clear reversal signal. The Average Directional Index (ADX) stands at 38.21, indicating a strong downward trend, while the 50-day moving average is at $100.35, about 22% above the current price. The Relative Strength Index (RSI) is at 42.44, not yet in oversold territory, suggesting further downside remains possible. On-Balance Volume (OBV) remains at negative 265.86 million, reflecting sustained selling pressure.
The derivatives market is also leaning bearish. Open interest in SOL futures has declined by about 75% from its peak, indicating a significant reduction in speculative positions. Trading volume stands at 20.36 million, only 59% of the average 244 million, signaling that buying participation is not strong enough to support a rebound. TradingNews interprets the $78–$85 range not merely as a support line but as a critical liquidity zone where spot buy orders, derivatives positions, and stop-loss orders are heavily concentrated.
However, unlike the price action, positive factors remain in terms of network growth and institutional adoption. Western Union has unveiled plans to launch the Solana-based stablecoin USDPT in 2026, while Visa’s Solana-based USDC pilot has expanded to an annualized scale of $3.5 billion. In addition, Solana’s Total Payment Volume (TPV) increased by 755.3% year-over-year. The outlet assessed that these developments demonstrate growing real-world usage of Solana regardless of short-term price movements.
Ultimately, the market’s focus is on whether the $78–$85 range can hold. If defended, a recovery above $85 could open the door to rebounds toward $91.25 and further to $96.26. Conversely, a breakdown below $77 would likely lead to a retest of this year’s low at $67.48, with even the monthly downside target of $47.55, as suggested by the outlet, coming into discussion. TradingNews views the current range as more of a defensive zone for existing holders rather than an aggressive new buying opportunity, advising caution until SOL reclaims $85 with strong trading volume.
*Disclaimer: This article is for investment reference purposes only and assumes no responsibility for investment losses incurred based on its content. The information provided should be interpreted for informational purposes only.*