SOL falls into a deeper downtrend after losing $120 support | Credit: Hameem Sarwar
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Key Takeaways
SOL briefly dipped below $100, confirming a major structure breakdown.
Momentum is deteriorating, with SOL stuck in a descending channel.
Meanwhile, $95 is the immediate make-or-break support — here’s why.
Solana (SOL) has plunged into one of its weakest technical positions in nearly a year, breaking its long-standing $120 support zone.
As a result, Solana’s price briefly slid below $100 today. The last time it traded this low was around April 2025, nearly nine months back.
The breakdown marks a major shift in market structure, pushing SOL’s price out of a prolonged consolidation phase into a full-fledged bear market.
Momentum indicators are deteriorating across multiple timeframes, and sellers continue to dominate order flow, suggesting that the market has yet to establish a reliable bottom.
Will SOL survive this downturn?
Solana Breaks Below Key Support
Short-term momentum tools highlight the severity of SOL’s trend reversal.
While oversold readings can sometimes trigger relief bounces, the RSI’s lack of a bullish divergence suggests that exhaustion has not yet translated into sustainable demand.
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Instead, price weakness remains dominant, increasing the likelihood of further downside.
The Moving Average Convergence Divergence (MACD) reinforces this bearish outlook.
The MACD line remains deeply below the signal line, while histogram bars continue to expand on the downside.
Meanwhile, the 12-period EMA (blue) sits well beneath the 26-period EMA (orange), reflecting persistent bearish momentum and a lack of trend stabilization.
From a price-structure perspective, SOL is currently trading within a descending channel. Notably, it has printed lower highs and lower lows, indicating a downtrend.
A confirmed breakdown below this zone would expose Solana’s price to the next demand cluster near $88 to $90 region or potentially deeper levels.
SOL Price Projection: Bearish
On the daily timeframe, SOL’s price has broken past its major support zone and is pressing lower. This position confirms that sellers remain in control.
In support of this, the Money Flow Index (MFI) sits close to the oversold region.
From the chart below, the indicator is moving lower and signaling sustained capital outflows rather than seller exhaustion.
This suggests that downside pressure is being driven by conviction, not panic.
Historically, markets can remain oversold longer than traders expect, and SOL appears to be following that pattern.
The Awesome Oscillator also trades in negative territory, printing multiple red histogram bars, a clear sign that bearish momentum is dominant over the broader trend.
More importantly, the expanding histogram indicates that momentum is accelerating rather than flattening, reducing the probability of an immediate trend reversal.
The Fibonacci retracement level provides additional insight into SOL’s price action.
At the time of writing, SOL is tilted downwards, trading very close to the zero Fib level.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
