Solana (SOL) slipped back after failing to hold above $67, triggering a short-term pullback that mirrors weakness seen in Bitcoin and Ethereum. After topping out near $67.90, SOL moved lower and is now trading beneath key intra-day moving averages and trend support, putting the token at risk of a deeper correction if buyers don’t reassert control.
What happened
- On the hourly chart of SOL/USD (Kraken), the token broke below a bullish trend line that had been providing support around $66. SOL fell under $66 and $65, briefly testing about $63.20 before finding some footing.
- Price is trading below the 100-hour simple moving average, signaling short-term momentum is tilted to the downside.
- The pullback also took SOL below the 50% Fibonacci retracement of the move from the $60.12 swing low to the $67.90 high.
What to watch
- Upside hurdles: immediate resistance is near $65, followed by $66. A decisive close above $67.20 would likely reopen the path for a renewed advance, with subsequent barriers at roughly $68 and then the $70 area.
- Downside risks: if SOL can’t reclaim $66, the next support sits around $63.10, which aligns with the 61.8% Fib retracement. A break under the more significant $62.20 level could push prices down to the $60 zone; a close below $60 would leave $55 as the next nearby support target.
Technical snapshot (hourly)
- MACD: gaining pace in the bearish zone, indicating increasing downside momentum.
- RSI: below 50, reflecting weak short-term momentum.
- Key levels: Support — $63.10, $62.20; Resistance — $65.00, $67.20.
Bottom line
SOL’s recent slide shows sellers have the upper hand in the near term unless bulls can reclaim $66–$67.20 and flip the 100-hour SMA back into support. Traders should watch the $63 and $62 zones for potential bounce points, while a sustained recovery would need a clean break above $67.20 to target the $68–$70 range.
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