Solana Stuck Below $80: Analysts Predict Extended Decline in August
Solana's price has been struggling to surpass the $80 mark since July 9th, and recent signs indicate an extended decline in August.
The cryptocurrency's bulls have repeatedly attempted to push its price above this round-number supply zone, but their efforts have been met with little success. On-chain metrics suggest a resilient ecosystem, but bearish price action has prevailed since April 2025.
An analysis of Solana's long-term trends reveals that the cryptocurrency was already in a bearish trend when Bitcoin reached its all-time highs. The move beyond the $210 swing high in November 2024 signaled a bullish continuation, but this was short-lived as the price dropped to $110 and then broke through it in March 2025.
The Fibonacci extension level at $47.9 forecasted a potential bear market price target for SOL, which aligns with the current downward trend. The momentum indicators on the 1-day timeframe, including the RSI below neutral 50 and the MACD's bearish crossover, agree upon further downside potential.
The price action has also reflected this, with Solana facing rejection from the 61.8% retracement level at $83.8 and suffering steady losses throughout July. The next price targets in August are $64.1 and $60.1, and if a heavy Bitcoin sell-off occurs, it is likely that Solana prices would drop towards or lower than $50.