Solana reclaims $80 after retesting the $68 low, eyes further gains

SOL, the native coin of the Solana blockchain, is the worst performer among the top 10 cryptocurrencies by market cap.

The coin lost 11% of its value in the last 24 hours and briefly dropped to the $68 support level.

However, it has now reclaimed the $80 level and could rally higher in the near term.

SOL’s 23% decline in the last five days was fueled by broader weakness in the crypto market, with Bitcoin (BTC) reaching a low of $60,000 on Friday.

SOL’s derivatives data shows signs of weakness, with Open Interest (OI) dropping to mid-April levels.

Technical indicators remain bearish, but SOL could embark on a rally in the near term.

Derivatives data shows bearish bias

The bearish performance began earlier this week as SOL extended its fourth consecutive week of losses. 

Due to the recent bearish performance, SOL has declined more than 43% since mid-January, with nearly 23% of those losses recorded in the current week alone. 

The derivatives data show that the coin is experiencing a massive sell-off that could linger for a while.

The futures OI for SOL dropped to $5.37 billion on Friday, the lowest level since mid-April 2025.

The OI has been steadily declining from its mid-January 2026 high of nearly $9 billion, indicating a waning investor participation and projecting a bearish outlook.

Furthermore, CoinGlass’s SOL long-to-short ratio stands at 0.96 on Friday.

With the ratio now below 1, it reflects a bearish sentiment in the markets, as more traders have opened short positions. 

Solana’s funding rate data also supports the current bearish outlook.

The metric switched negative on Friday and currently reads 0.035%, indicating shorts are paying longs, suggesting bearish sentiment toward SOL.

Solana bulls eye the $92 resistance

The SOL/USD 4-hour chart is the most bearish among the top 10 cryptocurrencies by market cap. 

SOL’s price faced a heavy rejection at the weekly resistance at $126.65 on January 28 and declined by over 21% within five days, closing below the $100 psychological level on Tuesday.

The selloff continued through Friday, with SOL reaching a low of $67.50 earlier today.

However, it has slightly recovered and is now trading above $81 per coin. 

If the selloff continues, the bears could push SOL’s price toward the next key psychological level at $60.

The Relative Strength Index (RSI) on the 4-hour chart reads 22, an extreme oversold condition, indicating strong bearish momentum. 

Furthermore, the Moving Average Convergence Divergence (MACD) also showed a bearish crossover on January 19, which remains intact, further supporting the negative outlook.

On the flip side, if the bulls continue with this recovery pace, SOL could extend its rally towards Wednesday’s low of $89.30.

The resistance level at $92 could serve as a major hurdle for the bulls.

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