On March 9th, Solana (SOL) continues its recent weak trend. After failing to hold above the $90 level, it has further declined. Currently, SOL has fallen below the support zones of $85 and $82, and market sentiment in the short term is becoming more cautious. As selling pressure increases, traders are closely watching the key support level at $80, which could become a critical turning point for Solana’s price movement.
Market data shows that SOL previously declined from a high of $94.10. After breaking below $83.50, bearish momentum clearly intensified, with the price dropping to a low of $80.29. SOL is still in a consolidation phase with weak rebound potential, trading below the 23.6% Fibonacci retracement level of the $94.10 to $80.29 decline, and also below the 100-hour simple moving average, indicating a still-weak short-term structure.
From a technical perspective, the hourly chart shows a clear downtrend line forming, with key resistance around $85.50. As long as the price cannot break through this resistance, short-term rebounds may be limited. For bulls to regain control, they need to first break above the $85 level, followed by resistance at $87.20, which is near the 50% Fibonacci retracement of this recent decline.
Further resistance above is at $88.80. If SOL can break and hold above this level, market sentiment could improve significantly, opening the possibility for the price to challenge $95 and even extend the upside toward the $102 zone.
On the downside, the focus remains on the $80 support. If SOL breaks below this key level, bears may push the price lower, with the first target around $72. If $72 is also broken, next support could shift down to approximately $65.
In terms of indicators, the hourly MACD remains in the bearish zone, but the downward momentum is beginning to slow. The RSI is currently above 50, indicating some bullish strength still exists, but no clear reversal signal has formed yet.
As Solana’s price continues to hover around $80, the key support level, short-term price trends, and whether SOL will drop to $72 are among the most closely watched topics in the crypto market. Whether $80 can hold in the near term may directly influence SOL’s next directional move.
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