Crypto markets opened the week under pressure as capital flowed out of major exchange-traded funds. According to SoSoValue data, Bitcoin spot ETFs recorded $159 million in net outflows, while Ethereum products lost $64.67 million.
Besides, Solana ETFs also saw $15.40 million exit in a single day. However, XRP stood out with modest inflows, signaling selective investor interest. Against this backdrop, Solana’s price action has become a key focus for traders navigating uncertainty.
Solana Holds Key Support as Market Decides Direction
Solana traded near $87 after gaining 6.60% in 24 hours, showing short-term strength. However, the broader structure remains fragile despite the recent bounce.
Ali Martinez highlighted that Solana continues to move within a defined consolidation channel. The asset now sits close to critical support near $76.66.
If buyers defend this level, the market could form a double bottom pattern. Consequently, price may push toward $81 and later test $85 resistance. Moreover, holding support could restore short-term confidence among sidelined participants.
However, a breakdown below $76.66 would shift sentiment sharply bearish. Such a move may expose downside toward $68.54, which marks the yearly low. Additionally, extreme weakness could drag the price toward the psychological $50 zone.
Breakout Signals Compete With Bearish Structure
DonWedge offered a contrasting view, pointing to a breakout from a falling wedge pattern. This formation often signals bullish continuation after a corrective phase. Price has already moved above wedge resistance, indicating improving momentum.
Source: X
Immediate resistance stands between $86 and $88, where sellers previously controlled price action. A sustained move above this zone would likely accelerate gains toward $96. Hence, the breakout thesis remains valid if buyers maintain pressure and volume expands.
Long-Term Outlook Hinges on Reclaiming Higher Levels
Borovik noted that Solana still trades within a broader downtrend despite recent gains. The price continues to form lower highs and lower lows over recent months. However, the current range between $75 and $85 suggests accumulation rather than panic selling.
Key resistance remains at $90 to $94, while a stronger confirmation sits near $100. Reclaiming these levels would signal a shift toward a bullish structure. Moreover, improving fundamentals, including developer activity and AI-driven narratives, could support future demand.
Source: https://coinpaper.com/16091/solana-sees-15-4-m-outflows-as-bulls-target-96
