Solana Falls Below $90 as Traders Watch $78 and $92-$98 Levels
Solana traded near $83 to $89 in recent sessions, with analysts disagreeing on the key levels that will define the next move. Oversold momentum on the daily chart and a $78 support test contrast with a sharper late-October-to-November decline from the $120s, reported by a separate outlet.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
Price Action and Reported Levels
Solana was trading at $82.91 at the time of one source's reporting, after a 0.22% daily gain, while a second source recorded SOL at $89.47 on Nov. 5 following a 6.42% intraday drop. The two snapshots were taken at different dates and times, so the gap reflects timing as much as disagreement, and the sources do not agree on the sequence of recent moves. Both agree that SOL has lost ground in recent weeks and is trading well below its earlier highs.
The two sources also differ on the scale of the decline from peak. One reports that SOL reached a local peak near $97 in early May. The other reports a September high of $124.62 on Sept. 27, which would put the latest reading roughly 28% below that peak. These are not contradictory, since they describe different time windows, but readers comparing the two should note that the reference points differ.
The Support and Resistance Debate
Analyst Ali Martinez, cited in the first source, identifies a horizontal channel on the daily chart in place since early February, with resistance near $97.79 and support at $78.17. He argues that holding $78.17 could push price back toward a mid-range near $87, while a breakdown could target $58, roughly 30% below prices at the time. Martinez's framework is range-based, and he treats the $78.17 level as the key line for the structure to hold.
The second source takes a more immediate view. Its technical data shows daily RSI at 28.89, which is oversold, and an Aroon reading that favors the downtrend. Trader RED, quoted in that piece, sees $92.50 to $93 as the nearest reclaim zone, $95 as the next level, and $98 as the confirmation threshold for a recovery. Trader XO, also quoted, argues that daily bands continue to trend lower with no sign of a base, so fading them into prior range highs is not warranted.
The two frameworks point to different levels of concern. Martinez's $78 support is roughly 10% below the $89 to $90 zone where the second source's data places price, while RED's levels cluster closer to current prices.
Fund Flows and Leveraged Positioning
The first source reports that US spot SOL ETFs have posted net weekly gains for four consecutive weeks, but that net inflows have fallen sharply, from a peak of $58.12 million in mid-May to $2.36 million in the fourth week of May. The second source reports two sessions of outflows totaling $24.82 million on Oct. 27 and 28, citing SoSoValue. These figures come from different months and do not describe the same period, so they should not be read as a single trend. Both point to weaker demand than earlier in the year.
CoinGlass liquidation data cited in the second source shows overhead leveraged positions clustered around $92 to $97 and $99 to $101, with heavier bands near $105 to $106 and $109 to $110. Those concentrations matter for how price may behave if it attempts a recovery, since positions near those levels could be liquidated as price moves through them.
What Comes Next
The near-term question is whether SOL can hold the lower support levels cited by each analyst. Martinez's case depends on $78.17 holding, while the more immediate technical view depends on whether price can reclaim $92 to $95 and then $98. Until one of those levels breaks decisively, the sources describe a market that is oversold and range-bound, with weak momentum on both daily and weekly charts.
Why It Matters
For Traders
The $78.17 support and the $92 to $98 resistance band are the levels analysts are watching, and a decisive break of either would define the next short-term range.
For Investors
Four weeks of positive ETF flows masking a sharp slowdown in net inflows suggests institutional demand for SOL is cooling even as the product base holds.
For Builders
Leveraged positioning clustered between $92 and $110 means liquidation dynamics could amplify moves in that band, which matters for protocols with exposure to SOL-denominated collateral.
This article is for information only and is not financial advice. Read the full disclaimer.
