Solana price has approached a critical breakdown below $80 as a bearish double top pattern threatens a deeper correction. 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. According to data from crypto.news, Solana (SOL) fell 5% to an intraday low near $80 on May 28 after trading above the $95 region earlier this month. The token has now erased most of its late-April recovery, while daily trading volume surged as traders rushed to exit leveraged long positions. The latest selloff accelerated after Bitcoin (BTC) slipped below the $73,000 level and Ethereum (ETH) dropped under $2,000 during a sharp market-wide correction tied to escalating tensions between the United States and Iran. Oil prices rallied on fears of supply disruptions in the Strait of Hormuz, reviving inflation concerns and reducing appetite for high-risk assets such as Solana. On-chain activity added another layer of pressure. Pump.fun, one of Solana’s largest meme coin launchpads, resumed large-scale treasury selling after months of inactivity. As per data shared by Lookonchain, the platform offloaded roughly 100,628 SOL at an average price near $84.5, adding fresh supply into an already fragile market. Institutional demand has also weakened sharply since early May. Public disclosures showed Goldman Sachs fully exited its Solana ETF exposure during the latest reporting period, removing a key bullish narrative that had supported the token earlier this year. The liquidation came as spot Solana ETF flows slowed across several U.S. products following weeks of reduced crypto allocations from large asset managers. Meanwhile, derivatives markets continue to favor sellers. CoinGlass liquidation data showed dense leverage clusters sitting between $83 and $84 over the past 24 hours, while another major concentration remained near the $88 level. The failure to reclaim those zones triggered cascading stop-loss liquidations that accelerated SOL’s drop below short-term support. Solana liquidation heatmap | Source: CoinGlass 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 Solana’s 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 Solana’s 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. We’re witnessing a pivotal moment for $SOL, as a triple top pattern has formed between late 2024 and late 2025 🚨The breakdown from a previously sustained support range has significant implications for the price, which is currently consolidating beneath a visible resistance… https://t.co/9xe3kindej pic.twitter.com/1Vfznon0HJ— Solana Media (@solana_media) May 28, 2026 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. Solana’s 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. Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
