Solana (SOL) has formally entered deep oversold territory, a degree analysts say is worse than the one the cryptocurrency reached throughout the FTX collapse. A decline on this space highlights simply how bearish the market has turn out to be after months of volatility and steep worth declines. All through final yr, Solana skilled an enormous rally that pushed its worth firmly above $200. Nevertheless, now the cryptocurrency has spent most of 2026 buying and selling between decrease ranges round $60 and $95. Given the poor efficiency, a crypto analyst is questioning whether or not SOL could have lastly hit a backside.
Solana RSI Hits Oversold Ranges Past FTX Crash
In response to an in depth worth chart shared by market skilled Ash Crypto, Solana’s month-to-month Relative Energy Index (RSI) has dropped to 38.84, beneath the sign line sitting close to 48.86. The analyst famous that this studying exhibits the altcoin has reached oversold ranges much more excessive than these recorded when FTX collapsed into chapter 11 in 2022, and SOL fell to a low close to $8.
The truth that the RSI is now decrease regardless of the value being considerably greater than the 2022 $8 backside means that the momentum decline on this cycle has been unusually extreme. From a technical standpoint, extended oversold readings on the month-to-month RSI can sign a possible worth reversal, reflecting vendor exhaustion. Nevertheless, oversold circumstances can persist for a very long time, as a low RSI alone doesn’t affirm {that a} cryptocurrency has reached its backside.
Given the uncertainty round Solana’s future worth route, Ash Crypto is questioning whether or not the struggling altcoin has lastly discovered a worth flooring. If a backside has been reached, it could indicate that the majority merchants who needed out have probably exited the market, leaving solely holders who’re dedicated to Solana long-term. This type of capitulation usually units the stage for a restoration, as there’s little or no promoting strain left to disrupt the market.
Notably, after Solana dropped to the $8 backside in 2022, the cryptocurrency ultimately rallied to over $270 in 2025, representing an enormous 3,000% restoration. Whereas a confirmed backside on this cycle doesn’t assure the identical scale of positive aspects, traditionally, belongings that hit a worth flooring with RSI readings have a tendency to provide vital rallies.
What It Means If SOL Has But To Attain A Backside
On the flip aspect, Ash Crypto said in his evaluation that Solana’s worth has fallen to a three-year low of $60 after plunging greater than 80% from its 2025 all-time excessive. The analyst famous that cryptocurrency has posted eight consecutive pink month-to-month candles for the primary time in its historical past, highlighting the depth of its bearish pattern.
For the time being, there isn’t any sign on SOL’s chart that definitively confirms a backside or an imminent worth reversal. It is because Solana stays firmly in bearish territory, which suggests its RSI can keep oversold longer than anticipated. If a worth flooring has not been reached, it means that SOL nonetheless has room for additional draw back, probably pushing the cryptocurrency beneath its present degree close to $60.
Featured picture created with Dall.E, chart from Tradingview.com
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