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SOL Solana\'s current trading price is around US$77.61, and the market lacks clear direction.
The past 24 hours have been flat, making it difficult for the market to find a clear trend. Investors \'views are divided: Some are closely watching the $73 to 76 range as a key support area; others warn that continued selling pressure triggered by PumpFun could trigger a deeper correction.
Key support ranges are closely watched
Market analyst Michaël van de Poppe believes that holding the US$73 to US$76 range is crucial for the short-term bullish outlook. If Solana can remain above the region, it is expected to rebound to $90 first and even break through $100 further.
He emphasized that holding the US$73 to US$76 range would keep bullish scenarios alive, but once this support is lost, market sentiment could deteriorate quickly. Falling below $73 will not only put pressure on Solana, but could also drag down the entire altcoin market. Given the continued weakness of Bitcoin and Ethereum, downside risks could become more significant if the main support level fell.
PumpFun triggered selling pressure intensifies
One of the main factors contributing to the current cautious atmosphere is the large-scale SOL selling from PumpFun. Market commentator \"Ted\" pointed out that PumpFun sold about US$10 million in SOL in a single day, and cumulative sales have reached approximately US$794 million. PumpFun is known for its quick launch of Memecoin on the Solana network.
Large and sustained selling has increased market supply and made it difficult for buyers to gather momentum. While this doesn\'t necessarily mean a sudden collapse, it helps explain why Solana is struggling to build strong buying momentum while holding on to support.
List of key indicators
Current price: US$77.61 (slightly above the support range)
Initial support: US$73 to US$76 (short-term concern area)
Upward range: US$80 to US$82 (If it breaks through, the rebound may accelerate)
Target price: $90 and $100 (bullish scenario target)
The path to $100 still exists
Although the outlook is bearish, hopes for a bullish reversal have not been completely dashed. Solana is still in the broader recovery structure, and if it can regain the US$80 to US$82 range, the short-term outlook will improve rapidly. If this happens, bulls may re-aim at the $90 or even $100 target.
Rayker, another analyst, believes that the current price trend is similar to the recovery stage in 2023. Based on this comparison, if Solana can form a bottom here, prices could enter a stronger expansion phase. However, this similarity in itself is not regarded as a decisive signal. Rayker pointed out similarities between the current pattern and the 2023 rebound, but emphasized that these similarities are only meaningful if support is solid.
Short-term direction remains uncertain
Short-term technical aspects remain cautious. Solana is trading below the key moving average: the 20-day exponential moving average constitutes resistance, and the 50-day exponential moving average exerts selling pressure from above. At the same time, the RSI indicator is in the low region around 40, and MACD sends a moderately bearish signal.
Falling trading volume also indicates limited market participation. If we can break through the US$80 to US$82 region with the cooperation of trading volume, it may trigger a short-term rebound; otherwise, it is likely to test the US$73 to US$76 support range again.
