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

Solana’s price is nearing a significant drop below $80, and a concerning chart pattern suggests it could fall further.

Summary

  • Solana price fell toward the $80 support zone after a bearish double top pattern formed near the $98 resistance level.
  • Pump.fun resumed large-scale SOL selling, while a five-year staker liquidated roughly $137.7 million worth of tokens during the latest decline.
  • CoinGlass data showed dense liquidation clusters near $84 and $88, with analysts warning a breakdown could push SOL toward the $75 region.

Solana (SOL) dropped 5% on May 28th, briefly falling to around $80, according to crypto.news. This is a significant decrease from its earlier price above $95. The recent dip has wiped out most of the gains Solana made in late April, and trading activity increased sharply as many investors closed their positions to limit potential losses.

Recent market declines worsened when Bitcoin fell below $73,000 and Ethereum dipped under $2,000. This sharp drop across the market happened as tensions increased between the U.S. and Iran.

Worries about potential problems with oil supplies through the Strait of Hormuz caused oil prices to jump, which in turn brought back fears of rising inflation. This also led investors to become less interested in riskier investments like Solana.

Activity on the blockchain added to the downward pressure on prices. Pump.fun, a popular platform for launching new meme coins on Solana, started selling off its reserves of SOL after being inactive for months. According to data from Lookonchain, they sold around 100,628 SOL at an average price of $84.50, which increased the available supply in a market that was already unstable.

Pumpfun has recently sold another $8.32 million worth of Solana (SOL), totaling 100,628 SOL. To date, they’ve sold a total of 4,466,846 SOL worth $780 million, at an average price of $175 per SOL. Of this amount, $738.6 million (4,202,472 SOL) was deposited into Kraken, and $41.6 million (264,373 SOL) was sold directly on the blockchain.

— Lookonchain (@lookonchain) May 28, 2026

Demand from institutions has decreased significantly since the beginning of May. Goldman Sachs recently sold off all of its holdings in the Solana ETF, which removes a major positive factor that had been driving the token’s price up earlier in the year.

The sell-off happened because trading of Solana ETFs decreased after major investment firms reduced their crypto investments over the past few weeks.

Solana’s price continued to fall as trading data suggests more people are betting against it than on it. Over the last 24 hours, data from CoinGlass showed a lot of traders had placed bets expecting prices around $83-$84 and $88. When the price didn’t bounce back to those levels, it triggered a wave of automatic sell orders (stop-losses), which quickly pushed the price down further, breaking through its recent support level.

Solana futures trading activity has decreased recently as prices fell, indicating traders are reducing their risky long-term investments instead of buying more. Additionally, funding rates on major exchanges are becoming more negative, meaning traders betting on price drops are willing to pay extra to maintain those positions.

AltCryptoGems, a cryptocurrency trading group, has cautioned that Solana’s technical setup is weakening following multiple unsuccessful attempts to break past the $98 price point.

Analysts on X observed that Solana (SOL) appears to be losing value. After failing to break through the $98 price point, the price has been steadily decreasing, and previous support levels, particularly around $88, are now acting as resistance.

If sellers continue to dominate trading within the current price range, the price could fall to around $76.

Solana charts show bearish double top and key support breakdown

Solana’s price chart suggests a potential downturn. It’s formed a bearish double top pattern after unsuccessfully trying to break through the $98 resistance level twice, in March and May. This pattern developed just below the $93.7 Fibonacci retracement level, and repeated failures to move past that point have reduced the strength of the recent upward trend.

Solana’s price has fallen below a key support level around $81, suggesting it could drop further to between $75 and $76. This potential decline aligns with the bottom of a trading range Solana has been in for several months. During recent trading, the price has already moved below a Fibonacci retracement level of $81.1, indicating further downward momentum.

Solana (SOL) is currently trading below both its 50-day moving average, around $86.5, and recent price levels. The 20-day moving average has also dropped below the current price, and past efforts to push prices higher haven’t lasted, suggesting sellers are currently dominating the market.

The market continues to face downward pressure, as indicated by a consistent trendline that began in March. Each time the price has tried to recover since late April, it hasn’t reached as high as the previous recovery, confirming the continuing downward trend.

Solana (SOL) may be facing a potential downturn, according to analysis from Solana Media. They’ve identified a pattern suggesting the price could struggle to break higher, forming a ‘triple top’ over the past two years and into 2026. This negative signal appeared after SOL fell below a key support level earlier in the year.

According to Solana Media, the price has fallen below a key support level, suggesting a change in how traders feel about it. It’s now pausing just below a resistance level, which could signal further price drops.

The recent issues could cause the token’s value to fall further if the overall economic situation worsens.

Solana ($SOL) is at a critical juncture. A triple top pattern has developed over the past year, and the recent drop below a key support level suggests the price could fall further. Currently, the price is stabilizing below a resistance point, but the outlook is concerning.

— Solana Media (@solana_media) May 28, 2026

Liquidation zones and macro risks keep traders defensive

Recent data indicates that the price of Solana (SOL) may continue to fluctuate significantly in the near future. According to CoinGlass, there’s a high risk of liquidations for both buyers and sellers. Many traders who bet the price would fall (‘short positions’) could be forced to sell around $84 and $88, while those who bet the price would rise (‘long positions’) face potential losses below $79.

If the price falls below its current support level, it could lead to a new round of selling, potentially pushing prices down to around $75.

Overall economic factors are still putting pressure on cryptocurrency markets. Higher oil prices are making it less likely the Federal Reserve will lower interest rates this year, particularly because inflation in the U.S. hasn’t come down as much as hoped.

When energy prices go up, it usually becomes harder to trade in riskier markets. Altcoins, or alternative cryptocurrencies, tend to fall in value more sharply than Bitcoin when the overall economy faces challenges.

Solana is a riskier investment than Bitcoin, so it’s been more heavily affected by recent market drops. While Bitcoin’s value fell around 4% in the latest selloff, Solana lost over 15% of its value from its high in May, performing worse than most other major cryptocurrencies.

Traders are still watching the $80 level closely, as it’s seen as key support for the price. If SOL rises above $84, it could test the $88 resistance area, potentially triggering a wave of buy-backs from traders who had previously bet against it.

If the price falls below its current level, it could drop quickly towards $75, a price point that analysts and traders are monitoring closely as potential support.

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2026-05-28 15:14