$SOL
Solana (SOL) is currently navigating a high-volatility period in early February 2026. After a strong start to the year where it tested the $120-$130 range, the token has faced significant selling pressure, mirroring broader market trends.
Current Market Status (February 6, 2026)
The price of SOL has experienced a sharp correction over the last week, dropping nearly 30% from its local high. However, a relief rally is currently underway as buyers defend psychological support levels.Metric Value (Approx.)
Current Price $81.50 - $83.00
24h Change +15% (Rebound from low)
Local Support $68.00 - $70.00
Immediate Resistance $93.00 - $98.00
Major Resistance $117.00 (20-day EMA)Candle Chart Analysis
The daily candlestick chart for early February reveals a "battle of the levels."
The Breakdown: On February 4, SOL decisively broke below its descending channel support at $95, leading to a "flash crash" toward $68. This was marked by a long red "marubozu" candle, signaling dominant selling interest.
The Rebound: The candle for February 6 shows a significant "lower wick," indicating that once the price hit the $68–$70 demand zone, aggressive buying stepped in.
Technical Pattern: A "Bullish Engulfing" or "Morning Star" pattern is currently attempting to form on shorter timeframes (4H/1H). If the daily candle closes near $85, it would confirm a short-term reversal.
RSI (Relative Strength Index): The RSI hit an extreme oversold level of 22 recently. Historically, when SOL dips below 30 on the RSI, it precedes a sharp relief rally.
Strategic Outlook
Bullish Case: If SOL can flip the $93 level back into support, it clears the path to retest the $105 and $117 areas. Institutional inflows remain positive, with SOL outperforming other altcoins in capital retention during this dip.
Bearish Case: The recovery is currently viewed as "speculative" by some analysts. Failure to reclaim $93 could result in a secondary test of the $60-$68 floor#WarshFedPolicyOutlook #RiskAssetsMarketShock #MarketCorrection #solana trade he $SOL