Solana has extended its five-day losing streak after breaking below a key support level amid broad weakness across the cryptocurrency market.
The main short-term factor weighing on SOL is buyer capitulation following the breakdown below the local low at $67.50.
The news backdrop remains weak. The crypto ETF narrative is no longer providing a strong boost to the market, while investors are increasingly reacting to deteriorating technical conditions, declining risk appetite in cryptocurrencies, and a significant rotation of capital into the AI sector.
Technical outlook remains bearish
From a technical perspective, SOL/USD remains weak, much like the broader cryptocurrency market. The bearish trend continues to dominate price action.The key trading range for today is $63–$65. This area has served as a long-term support zone since November 2023.
If the price manages to hold this zone, a short-term rebound toward $67.50 could develop, supported by candlestick patterns and deeply oversold oscillator readings.
Trading volumes typically decline over the weekend, which may provide room for a temporary pause in the sell-off.
As long as SOL remains below $70, any recovery attempts are likely to be viewed as technical rebounds rather than the beginning of a sustainable trend reversal.
Medium-term risks
If the $63–$65 support zone fails, the probability of an accelerated decline toward $50 increases significantly. In such a scenario, the daily chart offers few meaningful support levels, potentially allowing bearish momentum to intensify.The overall weakness across the cryptocurrency market, geopolitical risks, restrictive monetary policies from major central banks, and ongoing enthusiasm surrounding the AI boom could continue to weigh on Solana's price performance.
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