 ▲ Solana (SOL)/ChatGPT-generated image |
Solana (SOL) is struggling to recover due to deteriorating technical indicators and strong selling pressure. As a result, the market is raising the possibility of further short-term declines.
According to cryptocurrency media outlet The Crypto Basic on March 9 (local time), after reaching a peak in late 2025 on the weekly chart, Solana entered a prolonged downtrend and is now attempting to stabilize. However, with its price currently hovering near the lower boundary of the Donchian Channel at around $67.70, many analysts believe it is too early to discuss a full-fledged rebound. In particular, the significant gap between the channel’s midpoint at $136.49 and the current price highlights the substantial scale of the recent correction.
The Awesome Oscillator (AO), a technical indicator, remains in negative territory at around -71, suggesting that strong bearish momentum continues to dominate the market. A series of consecutive red bars on the weekly chart is interpreted as a signal that sellers still maintain control. Analysts advise that for Solana to demonstrate a meaningful recovery, it must at least push its price toward the Donchian Channel’s midpoint near $136.
Short-term trends also remain uneasy. Cryptocurrency analyst Crypto Tony, citing the four-hour chart, noted that Solana is currently trading around the midpoint of a range near $82. He explained that Solana is moving sideways between support at $76 to $77 and resistance at $94, continuing a battle for direction without establishing a clear trend.
Performance metrics show that Solana has declined 0.61% over the past week and 5.03% over the past 30 days. Notably, it has plunged 37.67% over the past 90 days, significantly dampening investor sentiment. Although there are signs that selling pressure is gradually easing, analysts point out that bullish investors must first secure strong buying support at current price levels to reverse market sentiment.
Ultimately, Solana’s next move depends on whether it can hold the key support level of $76 and how quickly it can break through resistance at $94. Analysts warn that additional short-term downside volatility may occur and emphasize that investors should closely monitor improvements in technical indicators rather than rushing into positions. Global investors are watching closely to see whether Solana can break the chain of its downtrend and begin a rally toward the $136 midpoint.
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