Solana Hovers Near Critical Support Zone as Analysts Warn of Deeper Slide

Solana's price has been hovering around the critical support zone of $64, $68, struggling to break above its descending trendline that has capped prices since May. Analysts at More Crypto Online warn that a daily close below $71.90 would likely confirm the start of the fifth wave of a larger C-wave decline.

The token's price is well below its late-2025 highs of over $240, having tumbled through the first half of 2026 and carved out a volatile consolidation range between $60 on the downside and $90 to $94 on the upside. Despite repeated attempts to clear resistance around $74.71, the 61.8% Fibonacci retracement, and a nearby trend line near $75, the broader bearish structure remains intact.

More Crypto Online emphasized that the near-term outlook is shaped by the $64.30 to $68.05 band, together with a $70.81 level. The analyst stated, 'Another low seems likely,' adding that the market remains quiet and has yet to produce a conclusive signal that a durable bottom is in place.

A decisive break below $64.30 could trigger more aggressive selling and mark the beginning of a deeper bearish leg. However, the Elliott Wave count suggests only three waves emerging from the June low, leaving room for one more corrective bounce.