Solana has found tentative stability between the $63 and $65 range following its recent sharp decline. After briefly falling as low as $60, the cryptocurrency managed a partial recovery of over 5 percent. Despite this bounce, technical indicators continue to suggest underlying weakness in the market.
Technical indicators show potential weakness
At the time of analysis, SOL was trading at $64.96 with a daily trading volume recorded at $2.67 billion and a market capitalization of $37.65 billion. Market sentiment remains cautious, as reflected in the Crypto Fear and Greed Index dropping to a reading of 10. Bitcoin’s market dominance remains steady at 57 percent, indicating that investors are favoring Bitcoin over altcoins in uncertain conditions.
Currently, SOL is trading 11 percent below its 20-day exponential moving average and more than 17 percent below the 50-day EMA. Its 200-day EMA stands at $105. All major moving averages are aligned in a downward sequence, reinforcing the prevailing bearish outlook.
The Relative Strength Index (RSI) has fallen to 28.42, placing SOL in oversold territory. Meanwhile, the price is hovering just above the lower Bollinger Band at $60.52, a technical zone that has historically triggered brief rebounds.
Market commentator Don questioned whether Solana has reached its bottom, a reflection of growing uncertainty among traders.
Scenario for a move to $77 remains
Technical analyst Ali Charts noted a new TD Sequential buy signal has appeared on the Solana chart. This indicator is used to identify moments when downward momentum might be waning, but a single occurrence does not confirm a trend reversal.
Glossary: The TD Sequential is a technical analysis tool designed to measure whether a prevailing trend, up or down, is running out of strength. It often uses counts of 9 and 13 to signal possible turning points but should not be relied on as a standalone indicator.
Ali Charts observed that if the new TD Sequential buy signal plays out, Solana could face a next resistance cluster around $77.
However, for this scenario to gain momentum, SOL must first reclaim the $70 to $76 band. Although the MACD suggests that selling momentum is starting to weaken, buying appetite remains tepid. On the hourly chart, analysts are watching the $65.71 to $68.04 range, with near-term resistance at $67.62. The 200-period EMA, located at $69.51 on the hourly chart, stands out as a crucial threshold for a more convincing recovery.
Mastercard partnership puts spotlight back on Solana
Mastercard has announced the “Agent Pay for Machines” initiative, enabling AI agents to conduct independent payments across card networks and stablecoin settlements. Solana has been integrated as one of the system’s core components. Mastercard, a major player in global payments, continues to blur the boundaries between traditional finance and blockchain-based solutions through innovative projects like this.
This system combines standard payment rails with distributed ledger technology, allowing machines to transfer value instantly without human intervention. Solana’s high throughput and relatively low transaction fees make it a standout candidate for such use cases.
Nevertheless, ongoing outflows from ETFs continue to exert downward pressure on the price of SOL. Analysts note that unless there is a clear shift in capital inflows, downside risks near the $60 support zone still persist.
