Solana (SOL) continues its cumulative downward trend. As of November 8, 2026, Solana was trading at $89.69, down 0.32% from its 24-hour opening price of $89.98. Over the same period, the high was recorded at $89.98 and the low at $88.73. While the daily decline itself is limited, the downward trend over the past week and month has continued, drawing market attention to whether buying momentum can recover.

Down 6.12% in a Week and 18.18% in a Month... Mid-Term Weakness Is Clear

According to Binance chart data, Solana has fallen 6.12% over the past 7 days and 18.18% over the past 30 days. The mid-term downward trend is more pronounced than short-term price movements.

No single negative catalyst directly explaining the day's decline has been identified yet. The market has cited factors such as cautious investor sentiment across cryptocurrencies in general, concerns about institutional fund flows, and indicators related to Solana network demand, but it is difficult to determine how much these factors actually influenced the price decline.

Moving Averages and MACD Both Bearish... Additional Confirmation Needed for Trend Reversal

The bearish trend is also clear in technical indicators. Solana's daily candlestick price is trading below its 7-day, 25-day, and 99-day moving averages, and the MACD is also maintaining a bearish alignment. This means that even if a short-term rebound occurs, further confirmation is needed to judge whether a trend reversal is underway.

Volume at 0.22x of the 7-Day Average... RSI of 28.17 Enters Oversold Territory

The decline in trading volume is also notable. The day's volume was only 0.22 times the recent 7-day average. With trading participation shrinking as prices fall, there appears to be insufficient buying power to support a rebound.

Meanwhile, the daily relative strength index (RSI) stands at 28.17, entering below the commonly used oversold threshold of 30. While this is a zone where short-term technical rebound potential can be considered, an oversold signal alone cannot be used to determine the end of the downtrend.

Watch Zone: $88.30 to $88.83

In the upcoming price movement, the $88.30 to $88.83 range is the area to watch. If the price holds this range while volume recovers, it will be worth observing whether selling pressure eases. Conversely, if the price breaks out of this range on rising volume, attention should be paid to the possibility that the existing downtrend will continue.

In the Solana market, the accumulated price decline and shrinking trading participation are emerging as more important variables than a sharp single-day drop. Despite the appearance of a short-term oversold signal, the lack of volume support suggests that price stabilization and the inflow of buying interest will be the key factors to watch going forward.

[Some AI assistance was used in producing this article. This article does not recommend buying or selling any specific asset; investment decisions and responsibilities rest with the investor.]