Solana's Bearish Trend Continues as Price Struggles Near $86

Solana's price action remains bearish, with the cryptocurrency struggling to break above key trend levels. The current price of $82.62 is below both the MA-20 ($88.58) and MA-50 ($86.10), indicating sustained medium- and long-term bearish pressure.

The Ichimoku Kijun at $88.97 stands above the current price, signaling immediate resistance at that level. Regulatory momentum increased in March 2026, with seven issuers filing or amending spot SOL ETF applications with the SEC. This has raised expectations for approval before year-end, but it remains to be seen whether this will have a positive impact on Solana's price.

Transaction activity was concentrated across key DEXes, including Humidifi, Orca, Meteora, Manifest, Raydium, and PumpSwap. The Solana Foundation also announced validator delegation reforms set for implementation on May 1, 2025, but price action has remained under broader selling pressure.