Solana's price has been facing difficulties breaking out of its current range near $85, with momentum remaining light. This technical weakness could be a sign that the asset will continue to decline in the short term.
A recent analysis by a crypto analyst suggests that Solana's price movement is exhibiting a five-wave correction pattern similar to those observed in Bitcoin and Ethereum. This trend has been associated with prolonged retracements, which may indicate further downward pressure on Solana's price.
Technical indicators are also pointing towards weakness, with the Relative Strength Index (RSI) indicating that the asset is close to becoming oversold. However, there isn't enough buying power to turn the tide, and the asset remains under pressure.