Solana recovered from June lows near $60, yet the rebound now faces pressure near $74 to $76 as bearish chart signals and weak derivatives data continue to weigh on the market. The move has drawn attention after analyst Ali Martinez said SOL hit a near-term target following an earlier sell signal. At the same time, broader crypto weakness and falling chip stocks have added to the strain.
Solana climbed from its June lows and pushed into a key resistance zone between $76.0 and $76.6. That move came after Martinez flagged resistance at $74.85 and $75 earlier in the week. He then set an extended downside target near $68. SOL later reached that target on Tuesday as the wider crypto market sold off.
The seventh-largest cryptocurrency by market value has now returned below $70. It was down nearly 4% for the week as of Wednesday.
Multiple chart setups now point toward the same downside area near $60. Traders have noted a double-top formation and a bear flag pattern on the chart. Solana also remains inside a medium- to long-term descending channel. That structure shows that sellers still control the broader trend.
Investors have continued to accept lower prices when exiting positions. Can SOL break $76 without trapping late buyers again? A brief move above resistance could still trigger a liquidity hunt. In that case, the price could rise above the zone, attract demand, and then reverse.
SOL also completed a downside target near $65.92 after an earlier rectangle breakdown. Since then, the price has bounced, but the larger pattern still points to more downside risk.
Read More: SOL Reclaims $70 as Traders Watch $75 Resistance and $40 Risk
Derivatives data adds to the bearish picture. CoinGlass showed SOL’s long-to-short ratio at 0.94 on Wednesday, close to a one-month low. A ratio below one signals bearish sentiment. It means more traders expect the price to fall than rise.
Funding rates also turned negative on Monday and sat at -0.0080% on Wednesday. That means shorts were paying longs, which often reflects weak market confidence.
CryptoQuant’s summary data showed a mixed setup. It pointed to positive spot activity from large whales, while other metrics stayed neutral. At the same time, a whale trader held a 20x leveraged short on SOL on Tuesday. The position was down $518,000, but the trader had not closed it at the time of writing.
Solana’s rebound has met strong resistance near $76 while bearish chart patterns and weak derivatives data continue to point lower. With traders watching for a possible false breakout and a deeper move toward $60, SOL remains under pressure in a fragile market.