Solana has continued its downward spiral after slipping below a major support zone closely watched by investors. At the time of writing, SOL is trading at $69.53, which marks a sharp 6.45 percent decline over the last 24 hours. In the same period, Solana’s 24 hour trading volume registered $8.31 billion, while the project’s total market capitalization stayed at $40.22 billion.
The 77 dollar support breaks
Data reveal that since January 1, 2026, SOL has lost over 42 percent of its value. This performance has made Solana one of the weakest large-scale cryptocurrencies so far this year, highlighting its struggles in comparison with peers.
Crypto analyst Ali Martinez identified the $77 level as a pivotal support zone for Solana. Martinez based his analysis on the UTXO Realized Price Distribution (URPD) method, which tracks where investors’ cost bases are clustered. Historically, heavy buying activity at this level has created a robust defensive area for price action.
Mini glossary: URPD is an on-chain metric that shows how much of a coin has accumulated at various price levels. Analysts use this data to assess where buying or selling pressure might intensify.
The $77 level stands out as a crucial support point for Solana. Losing hold of this zone could expose the market to a significant lack of demand below, bringing $53, $35, and $24 into play as the next major areas to watch.
Following the breakdown of this support, Martinez underscored a clear lack of buying interest beneath the $77 region. According to his view, upcoming potential support levels could emerge at $53, $35, and $24. When markets breach such key thresholds and buyers retreat, the resulting supply pressure often heightens selling momentum.
Technical indicators signal further downside
Based on TradingView data, SOL is now trading below all major exponential moving averages (EMAs). The 20 day EMA is set at $81.19, the 50 day EMA at $84.44, the 100 day EMA at $89.84, and the 200 day EMA currently stands at $105.62.
| Indicator | Level |
|---|---|
| SOL Price | $69.53 |
| 20 day EMA | $81.19 |
| 50 day EMA | $84.44 |
| 100 day EMA | $89.84 |
| 200 day EMA | $105.62 |
With the price lagging below all short, mid, and long term averages, the market structure continues to reflect a bearish outlook. The MACD indicator also strengthens this view, as the MACD line is trading beneath the signal line, while negative histogram bars are expanding to suggest increasing downward momentum. Meanwhile, the weekly RSI has dipped to a reading of 32, moving into oversold territory.
Many altcoin charts are starting to look like SOL’s, where long-standing horizontal bands have been broken and prices have fallen below their lower boundaries. If these local bands are reclaimed, more favorable technical setups could come into play.
On chain metrics also show weakness
Beyond price action, Solana’s network activity has seen a notable downturn. Since the start of the year, decentralized exchange (DEX) volumes on Solana have plunged by 62 percent. Monthly DEX volumes have slid from $111 billion to just $42 billion.
Total network transaction counts have also slowed. Weekly transaction volumes, which peaked at 959 million in early February, have since leveled off near the 700 million range. Observers link this pullback to fading hype and activity surrounding meme coin trading within the $SOL ecosystem.
On the daily charts, Solana has broken below the $77 to $97 horizontal range it maintained for five months. Technical analysis suggests that such moves could signal continuation of the current downtrend. In the short term, the immediate level to watch is $65, and if this zone is lost, Martinez’s identified $53 support may come back into focus.
