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Solana price stalls near $85 after mid-band rejection

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Solana price stalls near $85 after mid-band rejection and trend failure - 1

Solana price is hovering near $85 as falling volume, shrinking open interest, and a weak chart structure keep downside risk in focus.

Summary

  • Solana has lost 35% over the past month and nearly 70% from its all-time high as price struggles below key levels.
  • Derivatives activity continues to fade with recent sessions seeing significant long positions flushed out.
  • Technical signals are bearish and momentum is showing oversold conditions without a clear reversal.

Solana was trading around $86.02 at press time, down 0.1% over the past 24 hours. The token has struggled to find a footing after a sharp pullback, falling about 13% over the past week and roughly 35% over the last 30 days. From its January 2025 all-time high near $293, SOL is now down close to 70%.

Price action has stayed heavy. While Solana (SOL) briefly pushed higher earlier this month, those gains faded quickly, pushing the token back toward the lower end of its recent seven-day range between $75.76 and $104.98. Buyers have stepped in to provide near support, but follow-through has been limited.

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Market activity has continued to slow. Spot trading volume over the past 24 hours fell nearly 36% to $3.72 billion, pointing to fading participation. Futures data shows a similar picture.

According to CoinGlass data, derivatives volume dropped 22.44% to $9.46 billion, while open interest slipped 2.34% to $5.29 billion, suggesting traders are reducing exposure rather than adding new positions.

Risk-off sentiment and leverage unwinds add pressure

Solana’s weakness comes as risk appetite across global markets remains fragile. 

Rising geopolitical tensions and a more hawkish approach by U.S. policymakers have put pressure on high-volatility assets. Known for being a high beta, SOL has been hit more severely than many of its peers. 

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Within crypto markets, leverage has been steadily flushed out. Recent sessions have seen liquidity sweeps wipe out billions in long positions, accelerating declines. While Solana’s open interest has occasionally increased alongside negative funding rates, this has more often been due to aggressive short positioning rather than new bullish bets. 

Sentiment has also been impacted by structural issues with the network. The number of validators has fallen by about 70% from its peak to less than 800, which raises concerns about the long-term viability of operations for smaller operators.

Discussions about inflation, value capture, and stake concentration have raised caution, especially as the sector’s memecoin-driven momentum waned.

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Solana price technical analysis

On the chart, Solana continues to trade within a clearly defined bearish structure. Price was rejected near the Bollinger mid-band around $108, and the sequence of lower highs remains intact.

Solana price stalls near $85 after mid-band rejection and trend failure - 1
Solana price daily chart. Credit: crypto.news

SOL is trading below both the 50-day and 100-day moving averages, which continue to slope downward. The $95–$100area has flipped into overhead supply after repeated failures, limiting recovery attempts. 

Instead of a steady base, daily candles have remained near the lower Bollinger Band, indicating ongoing selling pressure.

Momentum indicators are still weak. The daily relative strength index is oversold but lacks a bullish divergence, sitting near 30. Prior dips to comparable RSI levels have produced brief recoveries, but buyers have struggled to sustain follow-through.

The $85 region is serving as short-term support and is in line with a previous demand pocket. A daily close below this level would expose the $80–$75 area next.

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To ease downside pressure, Solana would need to reclaim the mid-band and hold above $100, supported by stronger volume, something the market has yet to deliver.

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Crypto World

Crypto Exchange Bithumb to Delay IPO until after 2028: Report

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Crypto Exchange Bithumb to Delay IPO until after 2028: Report

According to the company CFO, Bithumb was “strengthen[ing] accounting policies and internal controls” ahead of its IPO plans, already delayed from 2025.

South Korea-based cryptocurrency exchange Bithumb is reportedly expecting its initial public offering (IPO) sometime after 2028, in another delay after restructuring and regulatory hurdles.

According to a Tuesday report from Maeil Business News Korea, a Bithumb official said that it would “focus on preparing for the listing until 2027.” CFO Jeong Sang-gyun said at the company’s annual shareholder meeting that Bithumb was “strengthen[ing] accounting policies and internal controls” following an IPO advisory contract with Samjong KPMG.

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Shareholders reconfirmed CEO Lee Jae-won for a two-year appointment at the Tuesday meeting, but the delayed IPO timeline was the latest after Bithumb initially expected a 2025 listing. Under Lee, the exchange faced a six-month suspension and a $24 million fine from South Korean authorities for alleged anti-money-laundering violations.

A major South Korean exchange going public could impact local markets and crypto adoption in the country. Dunamu, the operator of crypto exchange Upbit, is reportedly planning an IPO following a share swap with Naver Financial, expected in September.

Related: South Korea tax agency seeks private crypto custodian after security lapses

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Bithumb made headlines in February after the exchange mistakenly credited many users with about 2,000 Bitcoin (BTC) instead of 2,000 South Korean won. The error briefly created internal balances totaling more than $40 billion, though most of the funds existed only on the exchange’s internal ledger and were later reversed.

Mixed signals in South Korea’s crypto policy shift

Lee Jae-myung took office as South Korea’s president in June 2025, and his political party quickly moved to introduce legislation on the issuance of payment stablecoins.

South Korean lawmakers initially proposed a tax hike on crypto gains expected to take effect in 2021. However, the measure has faced repeated delays and may be scrapped entirely, according to reports from March.

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As of March 2025, an estimated 16 million South Koreans held accounts on crypto exchanges.

Magazine: A newbie’s guide to surviving crypto winter