Solana Tries to Recover from Three-Year Lows Amid Bearish Technical Signals

Solana's price has stabilized above $60 after touching three-year lows, but technical indicators suggest continued bearish sentiment.

The token currently trades in the $64-$69 corridor, below its crucial exponential moving averages. Derivatives markets indicate a decline in long positions and negative funding rates, suggesting market participants anticipate further price deterioration.

Cryptocurrency analyst BATMAN identified Solana as being confined within an expansive symmetrical wedge formation, with bearish MACD divergence beneath the 200 EMA at $74.

The token faces significant resistance barriers ahead, including the $74.75 mark and the 50% Fibonacci retracement level at $79.27. Despite this, spot Solana ETFs attracted $137,290 in net capital inflows on Tuesday, indicating persistent institutional participation.