Solana's price slipped below $73.4 support at the end of July, signaling a likely drop toward $60 in August. Despite solid on-chain activity and stablecoin liquidity, the token's price has struggled to break past the $80 resistance since early July. Technical indicators paint a cautious picture for traders.
Signs Point to Extended Losses
The daily RSI remains below 50, while the MACD shows a bearish crossover beneath zero, underscoring downward momentum. After failing to surpass the 61.8% Fibonacci retracement near $83.8, SOL has steadily lost ground for weeks. The breach of a short-term channel support confirmed by analyst Ali Martinez hints at further declines, with $64.1 and $60.1 as key targets.
The broader context reveals Solana's longer-term bearish trend that started in March 2025, when the $110 low was broken. A subsequent rally to almost $253 later that year coincided with Bitcoin hitting new highs but did not mark a genuine recovery. The current price action aligns with a Fibonacci extension forecast near $47.9, suggesting deeper corrections are possible if Bitcoin faces strong selling pressure.
What This Means for Investors
While Solana’s network usage remains solid, the price is not reflecting that strength. The persistent failure to gain traction above critical resistance zones raises caution for holders and potential buyers. The situation contrasts with Solana’s bullish moments in 2024, when the token climbed past $210, but the current setup resembles a clear bearish structure.
If Bitcoin undergoes a heavy sell-off, Solana could easily test levels below $50, intensifying losses. This scenario challenges traders who had hoped for a sustainable rebound despite positive on-chain signals.
This content is for informational purposes and should not be considered financial advice.
