SOL trades near $85, below $100 after 70% decline

Solana's cryptocurrency, SOL, is trading near $85, consolidating after a steep decline from its recent peak. The asset has fallen roughly 70% from its all-time high near $295 and has struggled to reclaim the psychologically significant $100 level for several months. This price action occurs despite what analysts note are robust underlying fundamentals for the Solana network.

Technically, the asset presents a mixed to bearish short-term picture. SOL is trading below all its major exponential moving averages, which now act as overhead resistance. Key immediate resistance is seen between $87.50 and $90, with a more critical threshold at $95 to $100. Analysts widely agree that a decisive weekly close above $95 is necessary to signal a potential trend reversal. On the downside, support is clustered between $78 and $83. A break below this zone could trigger further selling, with some charts suggesting a bearish double-top pattern that projects downside targets toward $64.

The recent downturn is attributed to broader market conditions rather than Solana-specific deterioration. On-chain activity remains strong, with the network continuing to process high transaction volumes and generate...