A complex macroeconomic environment for cryptocurrencies is affecting solana.
According to several analysts, there is still a further decline for cryptocurrencies in 2026.
The price of solana (SOL) is trading on the afternoon of this May 28, 2026 around $82.40. The asset is in an area that, from the perspective of technical analysis, is critical: it is at the upper limit of a well-defined bearish channel on the chart.
That position is not neutral. In channel theory, when the price returns to touch the upper resistance line of a bearish structure without being able to overcome it, Selling pressure tends to prevail and the natural movement is the continuation towards the lower limit.
The following graph shows the formation of this bearish sunny channel whose beginning dates back to September 2025:
The structure of decreasing highs and lows confirms that sellers maintain control of the market. The upper limit acts as dynamic resistance – an area where the price has historically found enough supply to reverse rebounds – while the lower limit delimits dynamic support towards where the structure projects the next decline.
In that frameworkthe levels of 75 and 70 dollars are emerging as concrete short-term price objectives for solana if the decline consolidates. The $75 zone coincides with relevant horizontal support, a demand zone that already acted as a floor during previous corrections in 2026.
If that defense fails, $70 appears as the next step, where historical buyers converge and where the price could attempt a new stabilization.
reading wyckoffiana reinforces this vision. The sequence of failed bounces that attempt to approach the roof of the canal (although, as can be seen, they do not always touch it) is consistent with what Richard Wyckoff called “upthrust» (or bullish shake) in distribution phases: short-term bullish impulses that fail to sustain the price above resistance and end up trapping buyers before the next drop.
The macro context worsens the outlook. The conflict between the United States and Iran keeps the Strait of Hormuz blocked, putting pressure on oil prices and fueling inflation fears.
This environment reduces the chances that the US Federal Reserve (FED) will cut interest rates and It distances investors from “risky” assets such as cryptocurrencies.
Bitcoin has already fallen below USD 73,000 today, and analysts such as Michaël van de Poppe and Crypto Rover project additional falls for the market in general during 2026, as reported by CriptoNoticias.
As long as solana fails to exceed the upper limit of the channel with sustained volume, bearish pressure will continue to be the scenario with the highest technical probability.
For now, the only thing that could apparently change the scenario is a surprising and positive outcome in relation to the war between the United States, Israel and Iran.
But, the recent news is rather discouraging. Today, the Reuters agency reported that “The United States and Iran trade attacks as hopes for a Strait of Hormuz deal fade.” As can be seen, The war in Iran appears to be far from over.
This article is written for informational purposes and does not constitute an investment recommendation or financial advice. Each investor is responsible for conducting his or her own research.