Will Solana price lose $80 support as bearish double top threatens breakdown?

Open interest across Solana perpetual futures has also declined during the latest correction, suggesting traders are closing leveraged long exposure rather than adding fresh bullish positions. Funding rates across major exchanges have turned increasingly negative, a sign that short sellers continue paying premiums to maintain bearish bets.

Crypto trading group AltCryptoGems warned that Solanas structure has deteriorated significantly after repeated rejections near the $98 level.

“SOL looks very weak. After the rejection at $98, price has started to downtrend lower and lower. Key levels have flipped into resistance, especially $88,” the analysts noted on X.

The trader added that a move toward the $76 support region could follow if sellers maintain control of the current consolidation range.

Solana charts show bearish double top and key support breakdown

The daily chart shows Solana forming a bearish double top pattern after failing twice near the $98 resistance area in March and May. The structure developed just below the 0.786 Fibonacci retracement level at $93.7, while repeated rejections from that zone weakened bullish momentum across the broader recovery trend.

Solana price has formed a double top pattern on the daily chart — May 28 | Source: crypto.news

A breakdown below the neckline support near $81 now places the measured downside target near the $75–$76 region, which also aligns with the lower boundary of Solanas multi-month consolidation channel. TradingView data shows SOL already slipping beneath the 0.236 Fibonacci retracement level at $81.1 during intraday trading.

The 20-day moving average has also crossed below short-term price action, while SOL continues trading under the 50-day moving average near $86.5. Previous attempts to reclaim those levels failed quickly, leaving bears in control of near-term momentum.

At the same time, a descending resistance trendline stretching from March highs remains intact. Every rebound attempt since late April has produced lower highs, reinforcing the ongoing downtrend structure on the daily timeframe.

Another bearish signal emerged from longer-term market structure analysis shared by Solana Media. The analyst highlighted a possible triple-top formation spanning late 2024 through 2026 after SOL lost a major horizontal support zone earlier this year.

“The breakdown from a previously sustained support range has significant implications for the price, which is currently consolidating beneath a visible resistance level, indicating a potential shift in market sentiment,” said Solana Media.

They added that the recent breakdown could expose the token to deeper downside if macro conditions continue deteriorating.

Liquidation zones and macro risks keep traders defensive

A look at the Liquidation heatmaps suggests volatility for SOL price could remain elevated over the coming sessions. CoinGlass data shows a large concentration of leveraged short positions sitting near $84 and $88, while substantial long liquidation zones have formed below $79.

A decisive break under current support could trigger another wave of forced selling toward the mid-$70 region.

At the same time, macro conditions continue to weigh heavily on crypto markets. Rising crude oil prices have complicated expectations for Federal Reserve rate cuts later this year, especially after recent U.S. inflation readings remained above target.

Higher energy costs historically reduce liquidity across speculative markets, with altcoins often suffering larger declines than Bitcoin during periods of macro stress.

Solanas high-beta profile has made those moves even more severe. While Bitcoin declined roughly 4% during the latest market selloff, Solana lost more than 15% from its May peak within the same period, underperforming most large-cap cryptocurrencies.

Still, traders remain focused on the $80 region as the most critical near-term support. A recovery above $84 could allow SOL to revisit the $88 resistance cluster where large short liquidations remain stacked.

Failure to hold current levels, however, may expose the token to a faster decline toward the $75 support band that analysts and derivatives traders are now closely watching.