Solana price outlook: $60 support under threat in August
Solana (SOL) bulls have failed to break above the $80 supply zone since July 9, and the article flags a higher risk of extended losses through August. On-chain activity is described as steady, but price action remains bearish, even as stablecoin liquidity improves.
On the weekly chart, Solana’s trend turned bearish after a swing structure break in March 2025. A later pullback toward the 78.6% Fibonacci level near $252.9 is framed as a retracement, not a full recovery. The broader drawdown since September is also said to fit Fibonacci targets, including a potential bear-market target around $47.9.
Short-term momentum is negative. The 1-day RSI is below 50, and the MACD shows a bearish crossover below the zero line. After rejection near the 61.8% retracement level around $83.8, SOL logged steady declines through July.
In the past week, SOL tested the $73.4 local support but fell below it on July 31. The forecasted SOL price targets for August are $64.1 and $60.1, with the $60 area highlighted as the key level traders are watching. The article adds that if Bitcoin (BTC) undergoes a heavy sell-off, SOL could drop toward or below $50.
Analyst Ali Martinez is cited as reaching a similar bearish conclusion after SOL lost channel support.
Bearish
The article’s core claim is that SOL faces sustained downside pressure in August. It ties the bearish thesis to multiple converging signals: failure to reclaim the $80 supply zone, a weekly swing-structure break that shifted SOL into a bearish regime, and short-term momentum indicators (1D RSI < 50 and MACD bearish crossover).
From a trading perspective, the most actionable part is the $60 area. SOL losing $73.4 support increases the probability of a move toward the next downside targets ($64.1 then ~$60). This is consistent with past patterns where BTC-led risk-off periods pull altcoins toward prior support zones and extend losses if key levels break.
The cited conditional trigger—if BTC sells off heavily—raises tail risk. In prior BTC drawdowns, correlations often rise and SOL typically underperforms on relative basis, meaning breaks below $60 could accelerate toward deeper supports (the article mentions ~$50 and even a longer-term $47.9 target). Long-term, if SOL cannot reverse the broader bearish structure, rallies are more likely to be viewed as retracements rather than trend changes, keeping upside capped until SOL reclaims major resistance levels such as the $80 zone.