Solana is under heavy selling pressure as the broader crypto market continues to weaken. With key resistance levels holding firm and renewed volatility across major coins, SOL may soon retest the crucial $100 support area.
Key Highlights
- Solana faces major resistance and could revisit the $100 zone.
- Bitcoin’s sharp decline has added significant downside pressure to SOL.
- Despite turbulence, Solana-focused ETFs continue to attract steady inflows.
Solana has struggled in recent weeks, falling nearly 30% over the last month. In the past 24 hours alone, the price has dropped 10%, trading near $127. This downturn comes during an intense period of market-wide volatility affecting top digital assets.
Bitcoin’s slide below $85,000 triggered over $2 billion in liquidations, with Solana-linked positions hit especially hard. SOL also lost the important $130 support level, creating panic-driven selling across the market.
However, sentiment may not be entirely bearish. Expectations for a December Federal Reserve rate cut have climbed to 71%, offering some optimism for Bitcoin and the broader crypto sector. This could provide temporary relief even in a largely negative environment.
Analyst Expects Solana to Retest $100 Support
Crypto analyst Ali notes that Solana recently faced rejection at the top of its current price channel. Based on this structure, he expects the coin to drift toward the lower boundary, which aligns with the critical $100 support zone.
If resistance continues to hold and selling pressure builds, Solana could retest this level within the coming weeks. A drop below $100 may signal even deeper losses, while a strong rebound at this price could mark the start of a recovery.
Solana ETFs Record 17 Consecutive Days of Inflows
Despite the ongoing market turbulence, Solana ETFs have shown remarkable strength. They have logged 17 straight days of inflows, a sharp contrast to Bitcoin ETFs, which saw their first outflows after only four days.
This sustained demand reflects growing institutional confidence in Solana’s long-term potential. The positive ETF momentum may also help stabilize the asset if price volatility continues.
Will SOL Hold $120 or Slide Lower?
SOL recently fell to $120 after breaking through a series of support levels. If bearish momentum continues, the next major support sits at $100.
A potential rebound is possible if Solana manages to hold above current levels, with $130 acting as a short-term upside target.
Technical indicators also highlight caution.
- The MACD shows a bearish crossover, signaling more downside risk.
- The histogram confirms increasing negative momentum.
- The RSI at 40 suggests Solana is nearing oversold territory.
Solana’s next major move will depend on whether it can stabilize above support or whether ongoing market stress pushes it below the $100 threshold.
