Solana Faces Mounting Selling Pressure—Will SOL’s Downtrend Continue?

Jakarta, Pintu News – Solana price fell 1.5% to $78.82, dipping below $80, and recording a weaker performance than the overall crypto market. This weakness was mainly triggered by the continued impact of the major hack that rocked its ecosystem.

The $285 million exploit of Drift Protocol , a Solana-based platform, on April 1, 2026 is still the main factor weighing on price movements. The attack, allegedly carried out by North Korean hackers, slashed Drift’s total value locked (TVL) from $530 million to $230 million, triggering a liquidity crisis and lowering community confidence. This also put pressure on SOL prices as investors re-evaluated the security risks in the Solana ecosystem.

As a result, SOL prices are showing structural weakness at a time when the broader market is trying to stabilize. Increased selling pressure has also shaped the near-term outlook to be cautious.

Price Structure Shows Weakness Near Key Support Areas

Solana is currently moving in a crucial support zone in the $75-$78 range, with prices hovering around $78-$80. The movement is showing clear signs of weakness after failing to sustain a recovery above $85.

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While the general crypto market is beginning to stabilize, SOL is lagging behind. This indicates that buying interest at higher price levels is not strong enough. This does not reflect a continuation of the uptrend, but rather a pressure phase in the support area, where the ability of the price to hold or break through this area will determine the direction of the next movement.

On the daily chart, SOL has broken out of its ascending channel pattern and is now consolidating slightly above the $77 support area, which coincides with important short-term levels. Repeated retests of this zone without a convincing bounce suggest that demand is starting to weaken.

The RSI indicator is also below neutral levels, reflecting waning momentum. On the other hand, the price structure shows the formation of lower highs after the rejection at the $90-$95 resistance area.

Should this support fail to hold, the next downside target is towards $73, then potentially deeper into the $67-$70 range. Conversely, to recover short-term strength, SOL needs to break the $85-$86 area again. After that, the $93-$95 zone will be the next important resistance to watch.

Declining TVL Signals Capital Outflows

TVL reflects the real amount of capital deployed in the ecosystem. A decrease of this magnitude indicates weakened DeFi activity, decreased user participation, as well as capital rotation out of the network.

DeFiLlama data shows that Solana’s TVL has continued to decline, from above $9 billion to around $5.5-$6 billion in recent weeks.

This indicates that the funds withdrawn may have been diverted to other stablecoins or assets, and then moved to a different ecosystem. As TVL is also an indicator of market confidence, a drop in this metric means that new capital is likely to refrain from entering, while existing holders choose to reduce exposure.

As such, the current weakness in TVL, plus prices still moving near the support area, suggests that demand is weakening while supply is increasing.

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What’s Next-Is SOL price able to stay above $85 this week?

Solana’s current price movements are not just a response to price pressure, but also reflect a broader slowdown in capital participation. The decline in TVL suggests that liquidity and user activity within the ecosystem is shrinking, making the potential for price recovery less robust.

At the same time, the price is still holding near the important support zone in the $75-$78 range, but it is not yet accompanied by a solid follow-up push. The combination of a weak chart structure and a steadily declining TVL suggests that the current phase resembles a fragile defense more than a solid foundation for an upswing.

Practically speaking, this situation limits the upside potential in the short term. Although SOL is still likely to experience a bounce, the absence of strong capital inflows will make it difficult for prices to sustain higher levels. In order to register more meaningful gains, prices need to stabilize first, while TVL at least stops falling or starts showing recovery.

As long as that change has not occurred, the current conditions still point to slow and reactive price movements, with downside risks remaining high, instead of signaling a clear trend reversal.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coinpedia. Solana Price Under Pressure as Selling Activity Rises-Is More Downside Ahead? Accessed on April 6, 2026