Solana on the brink of collapse:
Breaking the support at $89 may reshape the price trend
The Solana (SOL) currency is facing notable technical pressure after failing to regain the key control point within its trading range, which is the level that witnessed the highest trading volume recently. This failure has pushed the price below this critical level, turning it from support to short-term resistance, which increases the likelihood of a significant price correction if the support at $89 is broken.
The support at $89 is considered the last line of defense for Solana, representing an untested bottom and located in a high liquidity area. Breaking this support could lead to a “liquidity sweep” and trigger the activation of accumulated stop-loss orders from traders who had bought the currency at levels ranging between $100 and $130. In this case, a Swing Failure Pattern (SFP) may form, which could reverse the price trend and increase the likelihood of returning to higher price areas between $178 and $252.
On the other hand, if Solana manages to decisively regain the control point, it could nullify the bearish scenario and open the way for a new rise towards higher resistance levels, reinforcing the medium-term bullish outlook.