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- Solana failed multiple times to break above $250 resistance.
- Technical indicators point toward a weakening bullish trend.
- Analysts project a possible drop to $60–$70 before the next uptrend.
Solana (SOL) has lost steam after multiple failed attempts to break above the $250 resistance zone — a crucial threshold that has capped every rally since early 2024. Despite its strong performance over the past year, the recent price action shows clear signs of exhaustion, suggesting the bull run that began in late 2022 may have reached its peak.
After reaching an all-time high of $295.83, Solana has struggled to sustain upward momentum. Its price now trades within a descending channel, and a breakdown from current levels could confirm a shift into a long-term correction phase.
Technical Indicators Signal Weakening Strength
From a technical standpoint, Solana’s weekly chart is flashing warning signs. The Relative Strength Index (RSI) hovers near the critical 50 level, indicating weakening buying pressure, while the Moving Average Convergence Divergence (MACD) recently formed a bearish crossover — both signals that momentum is fading.
SOL’s inability to close above $250 has reinforced this area as its most significant resistance. Meanwhile, support around $185 is under increasing pressure, with a potential breakdown pointing to a move toward $130 or even below $100 if selling accelerates.
Bearish Wave Count Suggests Deeper Correction
Analysts note that Solana appears to have completed a five-wave upward cycle that started in December 2022. If correct, SOL may now be in the “C wave” of a corrective A-B-C structure. This scenario projects a possible decline toward the $60–$70 range — aligning with the 0.786 Fibonacci retracement zone.
Such a move would not necessarily spell the end of Solana’s long-term growth prospects, but it would likely confirm that the current bull cycle has ended, paving the way for accumulation before the next major rally.
Solana Nears a Decisive Moment
Solana now stands at a critical juncture. Unless the token can decisively reclaim and hold above $250, technical indicators suggest a deeper retracement could unfold into 2026. Traders are closely watching for confirmation signals as the market decides whether this is a pause before another leg up — or the official end of Solana’s bull run.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Hong Kong Approves First Solana Spot ETF
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