Solana Price Bounces Back to $80 Amidst Cautious Market Sentiment

Solana's price has experienced a brief bounce back to $80 after a four-day losing streak. The surge in trading volume is notable, with nearly 90% increase reaching $3.7 billion.

However, analysts are hesitant to call a full recovery, citing the need for Solana to reclaim the $90 level to confirm a trend reversal. Currently, key resistance sits at $84-$85, and breaking below $78 could send prices down to $67.

The RSI has fallen below 40, indicating growing bearish momentum in the short term. Additionally, crypto ETFs have seen outflows of $414 million, their first negative week in five weeks, due to investor concerns over the Iran conflict and rising inflation expectations.