Solana fell sharply on Sunday, dropping over 11% to trade at $105.38 and breaching the key $100 level. Analysts point to technical patterns targeting $96 and oversold signals, while broader macroeconomic concerns and significant leveraged liquidations contributed to the sell-off.
Solana fell towards the $96 level on Sunday as a strong weekend sell-off pushed altcoin markets lower. This decline pushed SOL below the $100 psychological zone.
As of February 1, 2026, Solana is trading at $105.38, down 11.11% in the last 24 hours. Its 24-hour trading volume reached $18.08 billion, with a market capitalization of $59.56 billion.
Market analysts suggest the decline was largely technical rather than panic-driven. Crypto expert More Crypto Online mentioned on X that SOL price action follows an Elliott Wave impulse pattern in wave (3).
The critical support level was set at $96, which was briefly touched during the sell-off. Wave (3) patterns are usually associated with high volatility and stop-loss selling.
Solana experienced a sharp decline as $165 million in leveraged bullish positions were liquidated. Broader market sentiment turned risk-averse following macroeconomic concerns, including a 26% drop in silver prices.
These factors collectively fueled the recent SOL sell-off, pushing prices to their lowest levels since April 2025. The broader market added pressure, with multi-billion-dollar tech stocks dropping over 30% in 30 days.
Technical indicators also point to a cautious outlook. The RSI is at 34.41, with SOL being close to the lower Bollinger Band, indicating oversold levels.
A break above $110.56 could lead to a move to $130-$145 in 4-6 weeks. A break below $110.56 could lead to a move to $96, the primary target on the downside.
