Solana couldn't hold above $98 resistance this week, and now it's sliding toward the lower end of its parallel channel. The token is trading around $84, down 13.6% over the past seven days. Ethereum, meanwhile, has broken below its own descending channel on the 4-hour chart — a sign that the broader market pressure isn't letting up.
Why the $98 level mattered
On the daily chart, Solana had been carving out a parallel channel pattern. The upper boundary sat near $98, and when the token failed to break through on several attempts, sellers took over. The rejection sent price skidding back into the middle of the channel, and now it's heading toward the lower support line at roughly $78. That's a potential 7% drop from current levels if the slide continues.
Ethereum's descending channel breaks
Ethereum's 4-hour chart tells a similar story. The token had been moving inside a descending channel for days, repeatedly testing the upper trendline. But after one more retest this week, it broke below the channel's support. That kind of breakdown often accelerates selling as traders who were leaning on the lower bound bail out.
What's at stake for Solana
The $78 zone is the next real floor. If Solana holds there, the parallel channel stays intact and a bounce back toward $98 is still possible. But if that level gives way, the pattern would invalidate, and the next major support is unclear. The 13.6% weekly loss already puts Solana in a fragile spot — the timing isn't great when Bitcoin and Ethereum are also under pressure.
The immediate question is whether buyers show up around $78 or if the slide deepens. No big catalyst is on the calendar this week, so price action will be driven by chart dynamics and whatever macro mood seeps in from traditional markets.
