Solana Price Forecast: SOL Near Key Support as Bearish Momentum Persists

Solana trades under $80 as long liquidations rise and funding rates stay negative, signaling a bearish tilt in the futures market.

Rich by Coin

2026-02-24

Solana trades below $80 at press time on Tuesday, extending its 6% drop from Monday amid increased sell pressure as Bitcoin (BTC) dropped below $64,000. Solana remains below the 50- and 200-day EMAs, with both slopes lower, indicating a bearish bias. The institutional support holds for Solana with Exchange Traded Funds (ETFs) expanding exposure, while the derivatives market succumbs to market fear. On the derivatives side, retail sentiment suggests a bearish bias.

US spot Solana ETFs recorded $7.99 million in inflows on Monday, extending the accumulation spree for the ninth consecutive trading session. CoinGlass data shows SOL Open Interest (OI) at $4.92 billion on Tuesday, down 1.44% over the last 24 hours, suggesting risk-off sentiment among traders. The long liquidation over the same time period accounts for $15.97 million, significantly higher than the short liquidations of $3.46 million.

Declining OI amid increased long liquidations suggests that the bullish positional buildup in Solana futures was hit, driving the traders to the sidelines. The wipeout of long positions dropped the long-to-short ratio to 0.9627, which indicates a greater number of short positions left active. Additionally, the funding rate remains negative at -0.0027%, reaffirming the bias that traders are leaning toward holding short positions.

Solana approaches the 23.6% trend-based Fibonacci retracement level at $75.74, measured from the January 13 high at $148.74 to the February 15 high at $91.26, including the February 6 low at $67.50. If Solana clears below this support level, it could extend the decline to the February 6 low at $67.50, followed by the 50% trend-based Fibonacci retracement level at $61.48. The technical indicators on the daily chart suggest that the short-term recovery is losing strength, with MACD reversing toward the signal line while both remain below zero, and RSI at 31, stretched to the downside. On the upside, a potential rebound from this key support could challenge the February 15 high at $91.26, followed by a higher resistance at the 50-day EMA at $102.90.