Solana Price Plunges Towards Bear Market Target

Solana's price has been struggling to break above $80 since July 9th, and despite steady network usage and growing stablecoin liquidity, the altcoin's price action has been bearish. In fact, even a rally in December that reached $253 was only a retracement phase before Bitcoin entered its bear market.

The Fibonacci extension level at $47.9 forecasted a potential bear market price target for SOL, and with the 1-day timeframe also showing bearish signals, further downside potential is expected. The RSI was below neutral 50, and the MACD has made a bearish crossover below the zero line.

Since facing rejection from the 61.8% retracement level at $83.8, SOL has suffered steady losses throughout July, with the price testing the $73.4 local support zone before falling below it on Friday, July 31st. This means that short-term expectations are also bearish.