Solana (SOL) continues to struggle below the $90 mark, as technical pressures persist despite on-chain data pointing to accumulation trends. Market commentator Trader Symba highlights that Solana's Supertrend indicator has been bearish since October, underscoring ongoing weakness. A critical juncture is the resistance band between $96 and $97 — an area that remains unconquered on charts. Until Solana decisively surpasses this zone, short-term movements are likely to be weighed down by sustained selling pressure.
Technical Setup: Head and Shoulders Pattern and Key Resistance
Other analysts echo similar concerns regarding Solana's longer-term performance. AlejandroBTC notes that the failure to break above the psychologically important $100 level paints a negative picture for prospective buyers. If current market conditions continue, this analyst cautions that a pullback toward the next significant support area around $45 could become a real possibility. From a technical viewpoint, Crypto Patel emphasizes the presence of a Head and Shoulders pattern, with the neckline recently breached to the downside. This breakdown intensifies medium-term pressure and could theoretically push SOL's price down to the $70 range.
On-Chain Trends: Large-Scale Withdrawals Hint at Accumulation
Despite signs of technical fragility, on-chain data paints a subtly different picture. According to Ali Charts, the last four days have seen a total of 11.8 million SOL withdrawn from exchanges. Historically, large-scale withdrawals of this nature signal accumulation phases, indicating that investors are opting to hold rather than sell their tokens in the short term — potentially hinting at strong, underlying long-term interest in Solana. This divergence suggests that a portion of the investor base continues to accumulate SOL in anticipation of a future rally, despite ongoing price weakness and technical hurdles. Should this accumulation trend persist, it may eventually provide the push needed to break through the current resistance zones, supporting a new market movement.
Market sentiment, however, remains mixed. On one hand, mounting technical challenges and entrenched resistance are impeding upward price action. On the other, evidence of on-chain accumulation and continued engagement within the Solana ecosystem serve as potential counterweights to short-term market pessimism. Analyst Ted Pillows further draws attention to related concerns: several public companies with ties to Solana — including Forward Industries, SOL Strategies, Sharps Technology, and DeFi Development Corp. — have been locked in downward trends for months. While this persistent weakness may point to reduced risk appetite for Solana-linked investments, Pillows stresses that these setbacks should not be read as indicative of systemic failure across the broader ecosystem.
Outlook: The $90-$100 Zone Holds the Key
Looking ahead, all eyes will be on how Solana responds to the critical resistance area between $90 and $100. Should it fail to break through, the risk of a retreat down to the $75 and even $70 support levels remains high. Conversely, a convincing move above $100 — accompanied by increased trading volume — could send a strong signal of bullish momentum, potentially heralding a shift in market sentiment.