Solana is struggling to hold the $80 mark as persistent selling pressure continues to weigh on its price. After reaching highs near $123 in October, the token has been steadily plunging, with the decline pushing it below the support range. The SOL price is now trading around a crucial support zone between $77 and $80, raising concerns about whether buyers can prevent another breakdown.
The weakness is not limited to price action. Solana’s open interest has also dropped sharply, suggesting that traders are pulling back from the futures market as confidence in a near-term recovery fades. With both the technical structure and derivatives activity showing signs of weakness, the next move could be crucial for SOL.
Can Solana defend $80 and regain bullish momentum, or will weakening market participation leave the token exposed to another leg lower?
Death Cross Signals Deeper Bearish Pressure as SOL Tests $80
Solana’s technical outlook has weakened further, with a bearish moving-average crossover adding to the pressure on its price. The daily chart shows the major EMAs converging, leaving SOL trading well below this cluster. This suggests that the broader trend remains firmly under sellers’ control, with the moving averages now acting as overhead resistance.
The chart also highlights a potential death cross, a bearish signal that forms when the 50-day moving average moves below the 200-day moving average. It often reflects a shift in longer-term momentum and can reinforce selling sentiment. Meanwhile, SOL is hovering around the $80 support zone, making this an important area for buyers to defend. A daily close below this range could expose the next supports at $70.11, $64.60 and $61.66.
On the upside, reclaiming $80 would be an initial sign of improving buying interest. However, SOL would still need to move above the EMA cluster to show a meaningful improvement in its technical structure.
Solana Open Interest Plunges as Traders Reduce Market Exposure
Solana’s declining price is being accompanied by a sharp drop in futures market activity, suggesting that traders are becoming more cautious. The open interest chart shows that SOL futures exposure has fallen from approximately $7.6 billion to $4.8 billion as the token slipped from its October highs above $120.
The simultaneous decline in price and open interest suggests that traders are closing existing positions rather than putting fresh capital into the market. With SOL struggling to hold $80, leveraged participants appear to be scaling back their exposure instead of betting on an immediate recovery.
Solana Price Outlook: Can SOL Hold $80, or Is Another Breakdown Ahead?
Solana is facing pressure from both sides of the market, with its bearish technical structure and declining futures participation offering little evidence of a strong recovery. The $77 to $78 zone remains the immediate support to watch, while the EMA cluster stands as a major hurdle for buyers.
A daily close below $77 could expose SOL to further losses towards $70.11 and $64.60. On the other hand, holding above $80 and attracting fresh market participation could help stabilise the price. Until buyers regain control, however, the broader outlook remains tilted towards the downside.
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