According to crypto.news, Solana (SOL) dropped from a recent peak of ₹6,200 to an intraday low of ₹5,800 on June 18 before stabilizing near ₹6,000. The decline followed a sharp recovery from early June lows around ₹5,400, where SOL had rallied more than 20% alongside a broader rebound across the crypto market. The selling accelerated after the Federal Reserve kept interest rates unchanged at 3.50%–3.75% while warning that inflation risks remain elevated, prompting traders to reduce exposure to high-beta assets. Latest data shows SOL has dropped over 6% from its June 15 high of $75.60 after failing to break through the critical resistance zone of $75-$76.
As reported by crypto.news, the daily chart shows SOL rejecting a major resistance area between ₹6,200–₹6,300, a zone that previously acted as structural support before June's breakdown. After failing to reclaim that level, price slipped back below the 61.8% Fibonacci retracement near ₹5,900 and now trades just above the 78.6% retracement level around ₹5,600. A descending trendline connecting the May and June highs remains intact, preserving the short-term bearish structure. A daily close above that trendline would expose resistance levels near ₹5,900 and ₹6,300, while a successful breakout could open the path toward the 50% retracement level near ₹6,300 and eventually the ₹6,600 area. Technical sentiment analysis shows 6 out of 7 indicators flashing sell signals, with the Relative Strength Index at - and MACD at -, confirming a neutral to bearish outlook.
According to CoinGlass data cited by crypto.news, a dense cluster of leveraged positions exists between ₹5,900–₹6,000, creating significant liquidity risk above current prices. Additional liquidation interest sits near ₹5,600, while the largest concentration of liquidity remains around the ₹5,500 region. Such clusters often attract short-term price moves as market makers hunt leveraged positions. Momentum indicators remain mixed, with the Relative Strength Index recovering from oversold territory but remaining below the neutral 50 mark, while the Aroon indicator continues to favor the bears. From a structural perspective, SOL is trading below its 60-day moving average of -$ and below its 200-day long-term moving average of $.
As reported by crypto.news, Solana continues to face questions about network activity, with DefiLlama data showing weaker transaction fee generation and slower growth in total value locked compared with earlier stages of the cycle. These factors reduce one of the key drivers behind SOL's outperformance over the past year. Meanwhile, institutional capital has increasingly gravitated toward traditional markets, with strong demand surrounding the SpaceX IPO and continued enthusiasm for artificial intelligence-linked equities drawing liquidity away from speculative crypto assets.
According to crypto.news analysis, the immediate support level remains near ₹5,800. A decisive break below that threshold could bring the June low around ₹5,400 back into focus, with the Fibonacci extension projecting downside risk toward the ₹5,200 area. On the upside, bulls must first reclaim the ₹5,900–₹6,000 resistance band before a broader recovery thesis can regain credibility. Market commentator BATMAN noted that SOL had been "rejected by its previous support level, now as resistance," adding that the stochastic oscillator had reached the same overbought region that preceded the last major top. Key resistance levels include ₹5,900 and ₹6,300, while support is anchored around ₹5,600 and ₹5,400.
