Solana Tests Key $80 Support Level Amid Lower Open Interest

SolanaSOL+0.73% Hovering Near Critical $80 Support Zone

Solana (SOL) has experienced steady downward momentum recently, pulling back to test a vital support range between $77 and $80. After trading near peak levels around $123 in October, the token has gradually moved lower over recent months.

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Market participants are paying close attention to this $80 mark. If buyers manage to defend this boundary, the price could attempt to stabilize. However, if selling pressure drives the token below the $77 support level, chart patterns point toward secondary support levels around $70.11, $64.60, and $61.66.

Technical Indicators Highlight Downside Pressure

Looking at daily technical charts, Solana continues to trade under its major Exponential Moving Averages (EMAs). When a digital asset stays below these key averages, traders often view them as overhead resistance levels that must be reclaimed for a major trend reversal.

The charts also highlight a potential death cross, which happens when a short-term moving average (like the 50-day EMA) crosses beneath a long-term moving average (like the 200-day EMA). While technical analysts often consider this pattern a bearish signal, moving average crossovers reflect past price data and do not guarantee future movement.

Futures Open Interest Drops to $4.8 Billion

Beyond price action on spot exchanges, derivative market activity for Solana has also seen a clear reduction. Data indicates that SOL's futures open interest—which measures the total dollar value of active futures positions—has dropped from approximately $7.6 billion down to $4.8 billion.

When both open interest and prices decline together, it usually suggests that traders are closing existing positions rather than opening new ones. Derivatives traders appear to be taking a cautious approach while watching for clearer signs of market direction.

Solana Market Scenarios: What Lies Ahead?

The near-term price trajectory for Solana depends on how the asset navigates current technical conditions:

• Downside Scenario: If persistent selling breaks the $77 level, SOL could test lower support zones at $70.11, $64.60, and $61.66 under continued market-wide weakness.
• Upside Scenario: If buyers successfully defend $80 and market confidence returns, SOL would still need to break above its cluster of moving averages to establish a broader bullish trend.
• Sideways Scenario: If buying interest balances out selling pressure around $80, SOL may enter a period of consolidation within the $77–$85 range while waiting for market triggers.

Crypto assets remain subject to high price volatility. Traders should review their risk tolerance and evaluate technical conditions before taking any position.