Solana Faces Downward Pressure Amid Weak Demand and Bearish Market Conditions

Solana's price is experiencing sustained downward pressure, currently hovering around $80. According to NS3.AI, this is due to weak investor demand and prevailing bearish market conditions. On-chain data indicates that long-term holders are capitulating, with the profitable supply at a multi-year low of 15%, reflecting diminished investor conviction. If the selling pressure continues and the support level at $79 is breached, Solana's price could further decline toward $70. Conversely, breaking above the resistance at $88 might trigger a recovery.