Solana (SOL) Market Analysis: November 9, 2025
A detailed 24-hour market analysis of Solana’s performance, technical indicators, and short-term outlook.
Solana (SOL) has experienced a volatile 24-hour period, characterized by a significant downturn amid broader market pressures. The digital asset is currently trading below key technical levels, suggesting a cautious short-term outlook as bearish sentiment prevails.
1. Price Action
- 24-Hour High: $164.48
- 24-Hour Low: $155.38
- Current Price: Approximately $157.26 – $158.11
- 24-Hour Percentage Change: -1.24% to -4.73%
- 24-Hour Trading Volume: Approximately $3.39 billion to $5.49 billion. This volume represents a notable decrease of around 35% from the previous period, indicating a potential reduction in immediate trading interest.
2. Technical Indicators
- Exponential Moving Averages (EMAs): Solana is currently trading significantly below its 20-day, 50-day, and 200-day EMAs. The price’s position under these key trend indicators ($181.29 for the 20-day, $198.78 for the 50-day, and $180.16 for the 200-day) confirms strong selling pressure across all major time frames. The current setup does not suggest any imminent ‘golden cross’ formations and instead reinforces a bearish market structure.
- Relative Strength Index (RSI): The RSI for Solana is reported to be in the range of 32.00 to 34.72. This places the asset near oversold territory, which can sometimes precede a short-term relief bounce. However, for now, it primarily signals weak momentum.
- Moving Average Convergence Divergence (MACD): The MACD histogram is negative, with a reading of approximately -2.63, reinforcing a bearish bias. This indicates that downside momentum is currently in control.
- On-Chain Data: In the last 24 hours, over $581 million in liquidations occurred across the crypto market, with Solana being one of the leading assets affected. This high level of long position liquidations has contributed to the downward price pressure. There are reports that 65% of Solana tokens are currently at a loss, suggesting the asset is in an “oversold” structure.
3. Support and Resistance
- Immediate Resistance: The primary resistance level is the recently broken support at $165 (a 23.6% Fibonacci retracement level). Reclaiming this level is critical for any potential recovery. Above that, the 50-day EMA at $162 also presents a hurdle.
- Key Support: The immediate support zone is around $155, which has been tested. A daily close below this level could open the door to further downside. The next significant support level is identified at $146.75, a previous swing low. Bulls must defend the $148-$150 zone to prevent a steeper correction.
- Fibonacci Levels: The 23.6% Fibonacci retracement level at $165.65 has acted as a key pivot. Deeper retracement targets could be considered if the $146.75 support fails.
4. Fundamental News
- Solana-Specific News: In a move to potentially empower celebrity-led crypto projects, retired rapper Iggy Azalea is backing Thrust, a new Solana-based launchpad. This development aims to bring more curated and potentially sustainable influencer tokens to the ecosystem.
- Broader Market News: The broader cryptocurrency market has seen a significant downturn, erasing most of the gains from 2025. Bitcoin’s price has fallen below its 200-day moving average for the first time in three years, contributing to negative sentiment across altcoins. While Bitcoin and Ethereum ETFs saw a return to net inflows after six days of outflows, the overall market sentiment remains one of “Extreme Fear,” according to the Fear and Greed Index.
5. Social Media and Tweet Activity
- Social Sentiment: The overall social sentiment for Solana is mixed but leaning towards neutral-to-bearish in the immediate short term due to the price drop. Discussions on platforms like X (formerly Twitter) revolve around the price failing to hold key support levels and the broader market decline.
- Notable Narratives: The conversation around Solana’s “performance-first” strategy continues, with some influencers questioning its long-term viability against competitors. There is also a notable narrative around the potential for new meme coins on the Solana network, driven by its low fees and high throughput.
- Key Influencers: Crypto influencer @AltcoinGordon recently posted a cryptic tweet with a new Solana token address, sparking speculation about a new meme coin launch. Such activities highlight the ongoing speculative interest within the Solana ecosystem, which can lead to pockets of high volatility.
6. Short-Term Outlook & Forecast
Based on the synthesis of the available data, the short-term outlook for Solana appears bearish, with the potential for further downside before a significant recovery.
- Primary Bearish Scenario: If Solana fails to hold the support at $155, the next logical target would be the $146.75-$150 range. A break below this level could accelerate selling pressure. The strong bearish signals from the EMAs and MACD support this scenario.
- Primary Bullish Scenario: For a bullish reversal, Solana must first reclaim the $162-$165 resistance zone. A decisive break above this area could signal a shift in momentum, potentially targeting the $175 level. The near-oversold RSI suggests that a bounce is possible if buyers step in.
Resources: This report is based on publicly available data from financial news websites, cryptocurrency data platforms, and social media feeds.
This analysis is for informational purposes only and does not constitute financial advice.
