Solana Price Prediction: SOL Slides Towards $77 Support as On-Chain Activity Hits Record Highs

Solana price is back under pressure, trading near $77.97, down over 2% in the last 24 hours, according to Brave New Coin data. The recent breakdown comes as SOL continues to drift lower from the $100–$120 range, with price now hovering just above a key horizontal support zone around $75–$80.

Solana price trades at $77.97, down -2.14% in the last 24 hours. Source: SOL price via Brave New Coin

On higher timeframes, the structure shows SOL losing momentum after repeated failures near the $140. The weekly chart highlights $77 as a historically reactive level, while deeper support sits near $67 and $56 if sellers extend control.

Solana’s Descending Trendline Back in Focus

On the higher timeframe, SOL is retesting its long-term descending bullish trendline, a level that has historically triggered strong reactions. As highlighted by CryptosBatman, every major touch of this trendline over the past two years has led to meaningful reversals.

Solana retests its long-term descending trendline near the critical $75–$82 support zone as traders watch for either a rebound or breakdown. Source: CryptosBatman via X

Right now, SOL is trading around $77–$80, directly above a key support band between $75 and $82. A clean hold here keeps the structure intact. However, failure below $75 opens the door towards the deeper liquidity pocket around $67–$70, where previous demand clusters formed.

Elliott Structure Suggests Recovery Scenario

A separate chart shared by ThePenguinXBT outlines a broader corrective structure nearing completion. Price has retraced towards the 1.236–1.618 Fibonacci extension zone near $63–$40 on the macro map, while holding just above the psychological $75–$80 region.

Solana approaches the 1.236–1.618 Fibonacci extension zone while holding above $75–$80, with $101 and $119 acting as key confirmation levels for a broader recovery. Source: ThePenguinXBT via X

If SOL stabilizes above this base, upside structure begins activating above $101 first. Reclaiming $119 would confirm strength, opening room towards $175–$180, followed by the larger range resistance near $253–$265. Until $101 is reclaimed, this remains a recovery attempt, not a confirmed breakout.

Institutional and On-Chain Strength Builds in the Background

Despite short-term weakness, fundamentals continue to strengthen. SolanaFloor reported that Solana recorded approximately 959 million weekly transactions, marking a new all-time high. At the same time, on-chain data from DeFiLlama shows total value locked (TVL) in SOL terms climbing back towards cycle highs, reflecting sustained ecosystem participation.

Solana records roughly 959 million weekly transactions, hitting a new all-time high despite ongoing price pressure. Source: SolanaFloor via X

Adding to the institutional narrative, recent disclosures highlighted growing exposure to Solana-linked products from major financial players. Historically, periods where on-chain growth accelerates during price pullbacks tend to create favorable medium-term environment.

Total value locked (TVL) on Solana climbs back toward cycle highs in SOL terms, signaling sustained ecosystem participation. Source: Solana Sensei via X

Market Context: Crowd Sentiment vs Structure

As Rei highlighted, calm phases often create complacency, while periods of stress tend to present opportunity. SOL is currently trading in a zone where sentiment feels heavy, especially after the recent breakdown towards lower support. That kind of pressure typically shows up near structural decision areas, not at market tops.

Solana tests the major $75–$80 higher-timeframe support zone as heavy sentiment meets a key structural decision area. Source: Rei via X

Technically, price is reacting near a major higher-timeframe support region around the $75–$80 zone. As long as that area holds, the structure allows for a potential rebound towards the $100–$120 range.

Final Thoughts: Can Solana Price Reclaim $140 and Target 2025 Highs?

From a broader outlook, the $140 level remains a critical pivot. It previously acted as a macro support before turning into resistance, and reclaiming it would shift medium-term momentum back in favor of bulls. Above that, $175 and $211 are the next structural barriers before a potential move toward the $250–$295 region.

However, if Solana price fails to defend the $75–$77 zone, downside liquidity pockets sit near $67 and $56. For now, Solana price is compressing at a historically reactive support while on-chain metrics push to new highs. Whether this becomes a base for recovery or a stepping stone lower will likely depend on Bitcoin’s stability and overall market sentiment in the coming weeks.