Solana Price Falters Below Resistance, Targets $60 and $50
Solana's price is facing a critical technical test as it struggles below resistance, with traders watching $60 support as the next downside target. The cryptocurrency has been trading near $73 after recovering slightly from recent weakness, but the latest technical setup remains under pressure as traders monitor whether Solana can defend key support levels or extend the correction further.
According to Brave New Coin data, Solana is currently trading around $73.16 with a market capitalization of approximately $42.5 billion. The short-term structure has weakened after breaking below a multi-month symmetrical triangle pattern, raising concerns about a deeper correction.
Coin Signals highlighted the breakdown from the pattern, with the chart projecting a downside move towards the $60-$50 region if sellers maintain control. For bulls, reclaiming the $75-$80 area would be important, as it could weaken the bearish breakdown setup and open the possibility of a recovery towards $90-$100.