The price of Solana has slipped below the $100 mark for the first time in nearly ten months, intensifying concerns that the ongoing sell-off may not be finished yet.
SOL was trading around $98.03 at press time, down 6.3% over the past 24 hours, as broader crypto market weakness continued to weigh on sentiment.
Solana sinks to lowest level since April 2025
While Solana briefly dipped below $100 in early April 2025 before rebounding, this is the first sustained break below that level since then and the decline looks more severe.
SOL is now down nearly 20% over the past week and roughly 25% over the past month, confirming a sharp multi-week downtrend rather than a short-lived pullback.
Market participation has faded alongside price. Solana’s 24-hour trading volume fell 26% to $7.63 billion, suggesting selling pressure may be transitioning into exhaustion rather than accelerating panic.
Derivatives data points to position unwinding
Derivatives markets tell a similar story. According to CoinGlass, total derivatives volume tied to Solana dropped 21% to $19.26 billion, while open interest declined 5% to $6.15 billion.
This combination typically signals that traders are closing long positions or being liquidated, rather than aggressively opening new short bets. In other words, the move looks more like capitulation than fresh bearish conviction.
Macro pressure overshadows strong on-chain fundamentals
Solana’s breakdown comes amid broad macro pressure across digital assets. Over the weekend, a wave of forced liquidations swept through crypto markets as heavily leveraged positions were wiped out during thin liquidity conditions.
At the same time, expectations of tighter U.S. monetary policy resurfaced after President Donald Trump nominated Kevin Warsh as the next Federal Reserve chair a choice widely viewed as hawkish by markets.
Geopolitical tensions, including renewed concerns around U.S.–Iran relations, have further pushed investors toward a risk-off stance, weighing on cryptocurrencies despite improving network fundamentals.
That contrast is especially notable for Solana. Network data shows strong usage growth, with the blockchain processing over 2.34 billion transactions in January, up 33% month-over-month and more than Ethereum, Base, and BNB Chain combined, according to crypto.news.
Institutional signals have also been mixed. While spot Bitcoin and Ethereum ETFs saw net outflows in January, U.S. spot Solana ETFs recorded $104 million in net inflows, pointing to rising interest from traditional investors despite falling prices.
Solana technical analysis: trend remains bearish
From a technical standpoint, the picture remains weak.
The break below $100 marks the loss of a major psychological and structural level, reinforcing the prevailing downtrend. SOL continues to print lower highs and lower lows and is trading well below its declining 20-day and 50-day moving averages.
Recent rebound attempts have repeatedly stalled near the mid-Bollinger Band, suggesting sellers remain in control even during short-term relief moves.
Volatility is expanding. The Bollinger Bands are widening, with price hugging the lower band, indicating downside momentum is strengthening rather than stabilizing. The daily relative strength index near 25 places SOL deep in oversold territory.
While oversold conditions raise the probability of a short-term bounce, they do not, on their own, confirm a trend reversal.
Key levels to watch
On the downside, the next area of interest lies around $92–$90, followed by $85, which previously acted as a consolidation zone. If selling pressure persists, $80 stands out as a higher-timeframe support level.
For bulls to regain control, Solana would need to reclaim $100 and hold above short-term moving averages. Until that happens, any upside is likely to be viewed as corrective within a broader bearish structure.
