Solana Faces Bearish Pressure Targeting $59 Following Treasury Losses

Solana (SOL) continues to experience significant selling pressure, with the SOL/ETH ratio declining by 3.22% as it underperforms against Ethereum. Recent data reveals that DEX trading volumes on the network have plummeted to their lowest levels of 2024, intensifying concerns over ecosystem activity. Despite the bearish "head-and-shoulders" pattern targeting $59, analysts have identified new immediate technical support levels at $80 and $75. On a fundamental level, the resilience of DApp revenue is emerging as a counter-bullish factor that could stabilize the network's valuation. This fundamental strength is complemented by modest institutional interest, evidenced by $1.53 million in inflows into the Franklin SOEZ ETF. Investors are now monitoring whether these support levels and revenue stability can offset the impact of treasury losses and declining trading activity.