Solana Falls Below $76 Range Low, Could Drop to $47.9 in 2026

Solana [SOL] has been rocked by the Bitcoin [BTC] sell-off over the past week. Most of the rest of the crypto market has, too. Purely in terms of numbers, Solana bulls have held their own reasonably well.

Since the beginning of May, the altcoin is down by 9.56%, compared to Bitcoin’s 12.09% plunge. Taken by itself, this fact makes it look like SOL bulls have been relatively strong.

Yet, examining the higher timeframe price charts, we can see a relief rally for Bitcoin since February. The retracement measured a respectable fraction of the previous bearish swing move.

Meanwhile, Solana has been stuck within a range, unable to breach the former support zone at $120.

The relative strength since the beginning of May was not the whole story. Recent developments show why Solana’s outlook is much more starkly bearish than the numbers at the start suggested.

Since February, SOL has traded within a range that reached from $76.7 to $97.6. On Tuesday, the 2nd of June, Solana closed a daily trading session at $74.23, a decisive loss of the three-month range’s low.

While the $67.50 swing low set in February has not been breached, the altcoin looked ready for a bearish continuation.

Traders can use a retest of the $76-$80 supply zone to sell SOL. Their immediate price targets would be a drop to the $67.5 low. A rally beyond $80 would invalidate this short-term bearish idea.

The higher timeframe viewpoint remained bearish. The $100 level was a resolute wall the bulls could not even crack slightly. A bearish continuation could see SOL reach $47.9 later this year.

It is possible that, in the long run, a shift in Solana’s tokenomics, specifically the daily SOL burns, can bolster valuation. This might not be enough to stop the bears looking to enforce the next downward price leg.

• Since the beginning of May, Solana has posted lower price losses than Bitcoin, but that does not mean the altcoin is stronger.
• SOL has fallen below a key local level and breached a multi-month range and could be readying for the next downward price move.