Solana (SOL) held near $83 after a month of little net movement, but a 4.09% weekly drop flags growing bearish pressure. The token is down from its May peak near $97, with daily volume sinking 33% to $2.22 billion as ETF inflows slow.
Peak and Downtrend
SOL hit a local high around $97 in early May. It then slid into a steady downtrend over the following weeks. That weekly 4.09% decline shows the selling pressure remains despite Tuesday's tiny 0.22% gain.
Key Technical Levels
Analyst Ali Martinez identified a horizontal channel on SOL’s daily chart with critical support at $78.17 and resistance at $97.79. Holding above the support level could spark a rebound toward $87. A break below it might send prices down to $58.
ETF Inflow Shift
U.S. Solana spot ETFs posted four straight weeks of net positive performance. But inflows fell from $58.12 million in May’s second week to just $2.36 million by the fourth week. That sharp slowdown hints at fading investor interest.
The market now eyes whether SOL holds above $78.17 as the next crucial move takes shape.
