Solana’s price is once again under downward pressure after forming a series of bearish engulfing candles at a key resistance level. This rejection has weakened the market structure and increased the probability of SOL retesting support levels below $80. The shift comes as Solana struggles to maintain momentum against the US dollar, with recent technical signals pointing toward a potential trend reversal.

The decline appears to be driven largely by broader market sentiment—shaped by supply‑and‑demand imbalances, regulatory uncertainty, and overall risk aversion across the crypto sector. The bearish engulfing pattern on Solana’s chart reinforces the idea that sellers are gaining control, pushing the price lower.

Solana’s recent decline is part of a larger trend affecting the entire cryptocurrency market. Many major cryptocurrencies are seeing significant drops due to global economic worries, stricter monetary policies, and a general decrease in investors’ willingness to take risks. For Solana, the failure to break through an important resistance level shows there isn’t enough bullish momentum to support a rise in its price.

Solana’s on‑chain activity continues to show strong usage despite recent bearish pressure. According to DefiLlama, the network currently holds a Total Value Locked (TVL) of $6.503 billion, reflecting stable participation across DeFi protocols.

The stablecoin market cap on Solana stands at $15.088 billion, with USDC dominating at 51.77%. Over the past week, stablecoin liquidity has seen a slight decline of 1.64%.

Network activity remains robust. Solana processed 81.93 million transactions in the last 24 hours, supported by 1.93 million active addresses. Fees generated over the same period reached $932,163, while chain revenue totaled $60,000.

On the application layer, Solana-based dApps recorded $3.55 million in revenue and $7.78 million in fees within 24 hours.

Trading activity has cooled slightly. DEX volume hit $2.67 billion in the past 24 hours, with a 7‑day total of $21.138 billion, marking a 35.72% weekly decline. Perpetuals volume followed a similar trend, with $1.016 billion in 24h volume and $7.373 billion over 7 days, down 36.37%.

Solana saw $12.65 million in inflows over the last day, while NFT trading volume reached $128,630.

SOL is currently priced at $81.14, giving it a market cap of $46.214 billion and a fully diluted valuation (FDV) of $50.478 billion.

Experts remain divided on what comes next. Some analysts argue that Solana’s strong fundamentals—its high throughput, active developer ecosystem, and expanding DeFi and NFT use cases—position it well for long‑term growth. Others caution that technical indicators and shifting market sentiment should not be overlooked, especially as investors adopt a more defensive stance.

Market research suggests that many traders are waiting for clearer signals before re‑entering positions, contributing to lower trading volumes. As Solana approaches the $80 support zone, the next move could prove pivotal. A decisive break below this level may prompt investors to reassess their strategies, while a strong rebound could restore confidence.