Solana (SOL) Price Plummets 55% Since All-Time High — How Much Further Until it Bottoms?

Solana is once again under heavy selling pressure, and traders everywhere are asking why SOL is going down so aggressively, even as other large-cap altcoins attempt to stabilize.

SOL has now collapsed 57% from its all-time high and is sitting directly on its most crucial long-term support zone.

If it breaks, the consequences could be severe. Here’s what the charts are signaling next.

Why Is SOL Going Down?

Solana’s weekly chart shows that the price has dropped 57% from its all-time high of $295.83 in January.

After the peak, SOL slid back into its long-standing range between $120 and $250, the same zone it has traded in for nearly two years.

This range is crucial. A sustained move above or below it would signal a major shift in trend, not just another routine swing.

Right now, the charts point clearly toward continued downside pressure.

At the time of writing, SOL was trading within the $120 horizontal support area.

Once it breaks down below it, the price could plunge by another 50% because there will be no support below it.

Traders are watching closely because once Solana loses this range, the long-term trend officially flips bearish.

Solana Crash Incoming

Momentum indicators are more bearish than the price action.

• Bearish divergence in the Relative Strength Index (RSI).
• Bearish divergence in the Moving Average Convergence/Divergence (MACD).
• The RSI broke down from its trend line and fell below 50.
• The MACD is negative.

Combined with the price action, all signs lead to an impending breakdown.

If the bearish pattern fully plays out, the next major level sits at the 0.786 Fibonacci retracement, around $71, meaning SOL could drop another 40%.

Solana December Price Prediction

Not even the daily chart offers any hope for relief.

Solana’s downward trend is contained within a descending resistance trend line.

The charts show the most recent rejection (red icon), which triggered a breakdown from the minor support at $125.

With no bullish signs in the RSI or MACD, the future trend is clear: Solana will continue to go down.

More Downside Likely

Solana is now at a make-or-break point.

Until momentum flips or strong divergences appear, the trend remains firmly bearish.

For now, the answer to why SOL is going down is simple: bears have taken over, and there is no support level that can stop them.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

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