Solana Price Hits New Lows as Bearish Pressure Builds

The price of Solana (SOL) has been affected by a broader cryptocurrency market downturn, leading to a significant decline in value. The token's price fell close to $83 after failing to stay above the $90 resistance zone.

Technical charts show a bearish picture for Solana, with the token trading below major moving averages and exhibiting fading momentum. Analysts are concerned about the Relative Strength Index (RSI) being in bearish territory, which suggests that buyers do not have enough strength to start a strong rally.

The $80 support level has become a crucial point of focus for traders, as it previously acted as a strong support during market corrections. If Solana stays above this level, the token could see a short-term rebound towards $85 or even $90. However, a clear drop below this support may create panic across the market and trigger more liquidations in futures markets.