Massive $794M selloff triggers caution for Solana! What are analysts watching now?

The critical support zone stands out

Market analyst Michaël van de Poppe considers holding above the $73 to $76 range decisive for a short-term bullish outlook. If Solana stays above this area, there is potential for a recovery first to $90 and then even beyond $100.

Michaël van de Poppe emphasizes that maintaining the $73 to $76 zone keeps the bullish scenario alive, but losing this support could trigger a rapid breakdown in sentiment.

A slip below $73 could not only pressure Solana but weigh on the entire altcoin market. With ongoing weakness in Bitcoin and Ethereum, downside risks could become more pronounced if major supports collapse.

PumpFun-driven selling heightens pressure

One of the main factors behind this cautious atmosphere is significant SOL selling originating from PumpFun. Market commentator “Ted” noted that PumpFun sold about $10 million worth of SOL in a single day, with cumulative sales reaching approximately $794 million. PumpFun is known for enabling rapid memecoin launches on the Solana network.

Mini glossary: A fractal in technical analysis is the idea that a previously seen price structure can repeat itself on the chart. This method does not guarantee results, but offers a way to compare historical patterns.

Large and ongoing sales increase supply in the market, making it harder for buyers to gain momentum. While this does not necessarily signal a sudden crash, it helps explain why Solana is struggling to build up strong buying momentum even as it holds above support.

The path to $100 is still alive

Despite the negative outlook, hopes for a bullish reversal have not been dashed entirely. Solana remains within a broader recovery structure, and reclaiming the $80–$82 zone could quickly brighten the short-term picture. Should this happen, $90 and then $100 targets could be back in play for the bulls.

Another analyst, known as Rayker, believes current price action resembles the 2023 recovery period. According to this comparison, if Solana manages to form a bottom here, the price could shift into a stronger expansion phase. However, this similarity alone is not viewed as a definitive signal.

Rayker sees parallels between the present pattern and the 2023 rebound phase, but underscores that these similarities are only meaningful if support levels hold firm.

Short-term direction still uncertain

The short-term technical picture remains cautious. Solana is trading below key moving averages: the 20-day exponential moving average is acting as resistance, and the 50-day EMA is exerting selling pressure from above. Meanwhile, the RSI indicator sits in the low-40s and the MACD is giving off a mildly bearish signal.

Falling trading volume also points to limited participation in the market. A breakout above the $80–$82 area, supported by strong volume, could spark a short-term bounce. If not, another retest of the $73–$76 support band appears likely.