Solana price risks drop below $80 support as a rounded top forms
In Solanas case, the neckline of this formation sits near the $78–$80 region, which has acted as a strong support zone throughout April. A decisive breakdown below this level could accelerate downside momentum. Short-term moving averages are also starting to converge and turn lower, indicating weakening trend strength. Price is currently trading below key short-term averages, suggesting sellers are gaining control in the near term. If the rounded top confirms with a breakdown below $80, the next downside targets could emerge near the $75 level initially, with a deeper move potentially extending toward the $70 zone. The bearish technical setup aligns with a range of external factors weighing on Solanas outlook. The Federal Reserves hawkish stance on interest rates continues to drain liquidity from risk assets, while institutional demand has shown signs of cooling, with spot Solana ETF flows stalling in recent weeks. At the same time, on-chain activity has slowed, with decentralized exchange volumes declining sharply from earlier highs, reducing network-driven demand for SOL. Large holder activity has also added pressure, with a recent transfer of over 300,000 SOL to exchanges raising concerns about potential sell-side supply. Despite these bearish signs, if bulls manage to defend this level and reclaim the $88–$90 resistance area, it could