SOL weekly chart pattern still remains weak, and downward potential needs to be closely monitored.

FancyResearchLab · 2026-02-05T08:02:04+00:00

Solana token SOL is currently priced at $91.21, down 7.06% over the past 24 hours. Market selling pressure is significant, and technical indicators show limited rebound momentum. Watch the key support levels at $79.33-$79.61, and traders are advised to selectively position near critical support levels, maintaining patience and risk management.

FancyResearchLab

2026-02-05 08:02:04

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The current Solana token SOL is priced at $91.21, with a 24-hour decline of 7.06%. Market downward pressure remains significant. From the weekly chart, the recent close did not signal a positive trend, and technical indicators still show strong selling pressure. This situation suggests limited short-term rebound momentum, and traders should remain cautious.

Bearish forces still dominate, key resistance levels confirmed

Looking at last week’s market performance, selling pressure remains dominant. When SOL dropped to around $117.15 over the weekend, this level was just below the 62% Fibonacci retracement of the full retracement range over the past two years (2023-2025), a technical level often considered significant. If the price breaks below this critical zone, further downside could open up new possibilities.

Support levels distributed below, monthly gap area is an important threshold

If downward pressure continues, investors should closely monitor the following technical support levels:

Monthly gap area: $79.33-$79.61 (midpoint approximately $79.47), an important technical cluster
Midpoint of recent demand zone: $115.41 (a key level formed in April 2025)
Lower boundary of demand zone: $104.67 (support bottom line in this area)
Historical gap level: $101.80 (an important reference point in 2024)
Upper edge of monthly gap: $79.61 (close to the monthly gap area)
Deep Fibonacci support: $69.60 (78% retracement level)

These levels form a support ladder from top to bottom, each representing different technical significance across various timeframes.

Trading strategy suggestion: patience and selectivity are crucial

The current market structure still favors a continuation of the downtrend, making this an unsuitable stage for aggressive entries. For traders, the wisest approach is to selectively position near these key support levels rather than rushing to buy the dip. Patience in waiting for clear reversal signals is key to reducing risk and increasing win rates. Remember, in weak market conditions, risk control is always more important than rushing for profits.

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