Solana tests $79–$80 support; holding eyes $100–$120, break risks deeper slide
Solana (SOL) is testing the $79–$80 support zone after retreating from a May high near $98. Analysts at Scient say holding $80 would keep the recovery setup intact, with upside targets of $100 and even $120.
The bearish case is a clean break below $79–$80. That could deepen the correction toward the mid-$20s, while other analysts flag $62 if the $72–$78 area fails. Overhead, a daily bearish double-top near $98 and earlier breakdowns below short-term levels (around $90 and $85) keep near-term risk elevated. The weekly structure is described as a bearish flag, and SOL remains below key areas such as the ~ $111 Fibonacci retracement.
Derivatives positioning is still cautious: SOL perpetual open interest has fallen and funding rates are negative, implying less leveraged long exposure and shorts still in control. CoinGlass highlights dense liquidation liquidity around $80, with additional pools near $84–$86—meaning a decisive move could trigger forced liquidations and faster volatility.
Macro and on-chain pressures add supply risk. Oil-price concerns tied to Strait of Hormuz shipping threats have revived inflation fears that typically hurt high-beta crypto like SOL. On-chain, Pump.fun reportedly transferred over 100,000 SOL (about $8.3M) to Kraken, and reports cite a long-term Solana whale selling more than $137M worth of SOL after unstaking.
For traders, $79–$80 is the immediate line in the sand for SOL liquidity-driven swings; a reclaim would improve odds of a push toward $98–$100, while a breakdown would likely accelerate downside.
Bearish
The later article tightens the trading map around SOL’s liquidity profile. It reinforces that $79–$80 is the key “line in the sand” for SOL, where heavy liquidation liquidity is clustered. With funding rates negative and open interest down, leveraged longs are less supported while shorts retain control, so a break below the support is more likely to trigger forced liquidations and accelerate the move lower.
Upside targets ($100–$120) exist, but they depend on SOL holding $80 and then reclaiming overhead resistance near $98. The presence of a daily bearish double-top around $98, the bearish-flag weekly structure, and macro headwinds (oil-driven inflation fears) plus ongoing on-chain supply (Pump.fun transfers, whale selling) collectively tilt probabilities toward continued weakness, especially in the short term. Longer term, a sustained hold above $80 and a recovery above key retracement/levels would be needed to shift the bias.