Solana slips below key levels amid declining trader confidence

Solana (SOL) is experiencing a price decline amid broader digital asset market weakness, with traders adopting a risk-off stance. SOL has fallen below key technical levels, leading to concerns about its ability to hold current support.

• SOL traded in the high-$70 range after failing to maintain momentum above $95, extending a six-week losing streak.
• Open interest in Solana futures decreased by 2% to $5.09 billion, with trading volume surging, indicating potential liquidations.
• Funding rates turned negative, and the long-to-short ratio dropped below 1, signaling increased downside risk.
• On-chain metrics show only 20% of Solana addresses are currently profitable, the lowest since late 2023.
• Long-term holder accumulation has slowed as prices fell below $100, indicating declining investor conviction.

Key Levels:

• Support: $75–$67; a break could lead to targets near $62 or $60.
• Resistance: $82–$83, with a bearish trend line.

Solana's outlook depends on defending February lows, with sustained recovery needed to alter the current downtrend. Market uncertainty continues to influence sentiment.