- Solana changed hands for around $83 on the morning of March 9, 2026.
- The cryptocurrency could dip to under $75 if bearish sentiment holds.
- SOL price has floundered amid macro headwinds but could see another oversold bounce.
Solana (SOL) trades at around $83 in the early hours of Monday, March 9, 2026, up 1.3% in the past 24 hours.
The altcoin may be showing signs of bucking the trend across stocks as Bitcoin also pulls off the $66,000 low.
However, SOL is down by more than 5% in the past month and could revisit recent lows under $80 amid persistent negative funding rates and as the Iran war decimates risk sentiment.
Solana price: market conditions fuel caution
SOL has faced headwinds alongside Bitcoin and Ethereum since sliding from $250 in September 2025.
An acceleration in losses saw SOL drop to lows of $75 on February 5, 2026, and bulls have struggled to break above $90 since.
The broader macro and geopolitical headwinds have been key downward catalysts year-to-date, with these contributing significantly to the fading memecoin hype that has hit trading volumes hard.
While net inflows into Solana spot ETFs have largely defied the sharp redemptions that hit BTC and ETH products, institutional demand has slowed.
Cumulative SOL ETF assets sit at $958 million.
SoSoValue data shows two consecutive days of outflows last week, with over $8.2 million exiting on Mar 6.
That saw weekly flows cut to about $24 million from over $44 million the previous week.
Technical analysis
Standard Chartered recently cut its 2026 target for SOL to $250, but analysts at the bank forecast a bullish flip to $2,000 by 2030.
Buyers have the long-term forecast in their favour.
However, struggles below $100 suggest bulls have work to do in the short term if macro and geopolitical headwinds continue to batter sentiment.
SOL prices hover in a broader range between $75 and $94, but as broader crypto sentiment weighs on investors amid surging oil prices, the altcoin could flip lower.
Earlier on Monday, oil prices surged to near $120 a barrel amid concerns around the US- Iran war. Prices have since dropped to $100 after reports said the G7 will discuss to release emergency oil reserves.
The RSI and MACD indicators on the daily chart above highlight this possibility.
But could Solana bulls hold $80-$75 as a support zone intact as they eye a bullish reversal?
On-chain data shows funding rates extending in the negative and open interest down to $4.93 billion, down from $8.86 billion in mid-January.
Prolonged negative funding rates have nonetheless preceded an upside flip for the cryptocurrency.
This positions SOL for a likely short-term uptick, with $118-$120 the primary hurdle above the psychological level of $100.
