Analyst Warns Solana Could Drop to $67 After Repeated $90 Rejections
Crypto analyst Crypto Bully warns that Solana (SOL) faces downside risk after repeatedly failing to clear the key $90 resistance. SOL is trading around $78 and has formed lower highs, trading below the 20- and 50-period EMAs—signs of weak short- and medium-term momentum. The $76 swing low is the immediate support; a break below it would confirm a bearish Break of Structure and could send SOL toward a $67 monthly low, a high-liquidity zone. The analyst is waiting for either a liquidation wick (a sweep below $76 that triggers stops before a bounce) or a strong bullish impulse before considering long positions. Key levels: resistance $82–$90 (short-term), support $76, downside target $67. The analyst also flagged Bitcoin’s fragile price action as an additional downside risk for SOL. Traders should remain patient and risk-managed until clear bullish confirmation — reclaiming the 20/50 EMAs, forming a higher low after any sweep, and breaking above $82–$85 would be required to shift the outlook bullish.
Bearish
The article reports repeated rejections at the $90 resistance, lower-high price structure, and SOL trading below the 20 and 50 EMAs — all classic technical bearish signals. The immediate support at $76 has shown weak reactions; a break would confirm a Break of Structure and likely target $67, a historically liquid area where stop-runs and a deeper selloff could occur. The analyst also notes precarious Bitcoin action, which historically amplifies altcoin downside during BTC weakness (e.g., past altcoin drawdowns in late-2018 and 2022 when BTC faltered). Short-term impact: increased probability of further downside, higher volatility, and potential stop-loss sweeps around $76 that traders should size for. Long-term impact: if SOL fails to reclaim the 20/50 EMAs and form higher lows, the trend remains bearish until structural recovery is confirmed. Traders should wait for clear reversal signals (liquidation wick + strong impulse + reclaiming EMAs and $82–$85) before building fresh long positions; otherwise prioritize risk management (tight stops, reduced size, hedges).