Solana is currently settling near a support level, with bearish pressure still holding it back.

As of Monday, Solana (SOL) is trading at about $81.5, having seen a roughly 4% drop on Sunday, which mirrors the general softness in the wider crypto market.

The signs for Solana are mixed, yet they lean a bit negative, with additional pressure coming from ongoing geopolitical tensions near the Strait of Hormuz.

From the institutional perspective, some support is still present. Last Friday, Solana ETFs had $11.45 million in new investments, which helped reduce the total weekly outflow to $5.62 million. Even with this, it marks the third consecutive week where more money has exited these funds than entered them.

Meanwhile, data from the derivatives market looks less robust. Open Interest fell from $4.88 billion to $4.72 billion, suggesting that traders are cutting back on their positions and reducing overall risk.

According to technical analysis, SOL remains weak after its decline from the $86 range. It is now trading sideways between $81 and $82, without showing any significant signs of recovery.

We can observe resistance around the $83–84 mark, with a more substantial hurdle located between $85 and $86.5. Looking at the downside, support is currently found at about $81, and then at $79–78 if the price continues to drop.

Momentum is still low, and the modest upward movement we've seen isn't strong enough to confirm a genuine reversal.

If the price gets rejected around the $83–84 level, considering selling in that area makes sense, with potential targets at $81 and subsequently $79–78.

Buying would only be considered safer if the price decisively breaks and holds above $84. This could then lead to it moving towards the $85–86 range.

In summary, this situation appears to be more about consolidation after a price decline, rather than an indication of a trend reversal.

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$SOL ‌