Solana has spent July grinding lower after repeated rejections at $80, and both its weekly and daily charts now point to further declines in August. Momentum readings and a broken swing structure put $64.1 and $60.1 in view, with a slide toward $50 possible if Bitcoin sells off sharply.
Solana has failed to close above its $80 resistance zone since bulls first challenged it on July 9, and the token's charts now point to further losses in August. The next downside targets sit at $64.1 and $60.1, and a heavy Bitcoin sell-off could push Solana toward or below $50.
Network usage has stayed steady and stablecoin liquidity on Solana keeps growing, signs of a resilient ecosystem. But that on-chain strength hasn't produced a price recovery, and it has been met by bearish price action since April 2025.
A broken swing structure on the weekly chart
Solana was trending higher through 2024, and a move above the $210 swing high in November 2024, which had originated from a $110 swing low, signaled a bullish continuation.
That structure broke when the $110 swing low was breached in March 2025, marking a swing structure break on the weekly timeframe. Within that bearish trend, Solana still rallied to the 78.6% Fibonacci retracement level at $252.9 later in 2025, as Bitcoin was setting new all-time highs — the move was a retracement, not a trend reversal.
Seen through that lens, the drawdown since September fits the broader pattern, and a Fibonacci extension level at $47.9 marks a potential bear-market price target for Solana.
Momentum turns bearish on the daily chart
On the 1-day timeframe, the RSI sits below the neutral 50 mark and the MACD has made a bearish crossover below the zero line, so momentum points to further downside. Price action agrees: Solana was rejected at the 61.8% retracement level at $83.8 and suffered steady losses through July.
Over the past week, the price tested the $73.4 local support zone before breaking below it on Friday, July 31, confirming the short-term bearish bias.
August price targets
The next targets in August sit at $64.1 and $60.1, a level analyst Ali Martinez reached independently after Solana lost a channel support. Should Bitcoin suffer a heavy sell-off, Solana could fall toward or below $50.
Source: AMBCrypto
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