Solana (SOL) has broken below the critical $100 support level, signaling rising sell pressure and renewed downside risk for the cryptocurrency. The token is trading around $92, having fallen nearly 25% over the past week. Analysts warn the breakdown of a two-year uptrend could target the $70 zone next, with deeper declines toward $50 possible. Market data shows high volatility, with futures volume surging and significant long position liquidations occurring.
Solana’s price declined below the vital $100 support on Thursday, indicating increased selling pressure. The token is currently trading at $92.32, according to CoinMarketCap data.
Analyst Dami Defi pointed out that SOL has lost its two-year uptrend. “Any rallies above $100 should be considered relief rather than the start of a new trend,” he stated.
He identified $70 as the next level to watch, followed by $50 if the pressure continues. Dami Defi noted the token needs to close above $100 and recover the broken trendline to signal a bullish shift.
Another analyst, mentioned the growing bearishness as SOL broke below its 200-week EMA. The next target area is between $50 and $60, a zone previously acting as long-term demand.
Market activity in Solana futures has increased significantly. CoinGlass data shows volume rose 34.58% to $23.57 billion.
Open interest declined by 3.85% to $6.40 billion, indicating volatility. The OI Weighted Funding Rate stands at 0.0070%.
Liquidations totaled $73.77 million over the last 24 hours. Long positions accounted for $66.43 million of those losses, while short positions saw $7.34 million.
Cryptocurrency is currently trading at an important technical area. Analysts are watching to see if it will hold or move further down to deeper support zones.
