Solana Price Struggles Below $120; Is $100 the Next Stop?

Highlights:

• Solana price struggles as selling pressure intensifies across the crypto market.
• Critical support at $100 may determine Solana’s next major move.
• SOL price hovers below the $120 support level amid a market decrease

Solana (SOL) price continues its downward trajectory, currently trading below the critical $120 support level. The cryptocurrency has dropped nearly 20% in the past week, hitting its lowest price of the year. 

This decline comes despite ongoing speculation about a potential Solana ETF. Market sentiment remains bearish, with increasing selling pressure as Bitcoin (BTC) also faces strong resistance below $78,000.

Investor fear is mounting as long-term holders show signs of distress, increasing the risk of further sell-offs. Solana’s price has fallen significantly from its all-time high of $294.33, recorded on January 19, 2025. The overall crypto market cap has dropped 5.15% to $2.57 trillion, while 24-hour trading volume surged by 92.% to $132.47 billion.

With Solana’s price struggling and broader market conditions deteriorating, questions arise about its next move. Will SOL drop below $100, or can buyers push for a rebound? The coming days will be crucial for its price action.

Solana Price Faces Key $125 Support Test

Solana price current price movement has been pointed out by crypto analyst Ali, with the analyst saying there is a great potential for a breakout. The analyst mentioned the importance of the $125 support level, which may be very important and determine a future major price move.

A rising wedge formation is formed on the price chart and could be a decision point. Breaking below $125 may see a strong drop, while support from this area may cause this bullish reversal.

However, like most markets, Solana has been volatile with price swings in sync with the broader market trends. SOL may try to return to its previous highs if buyers defend $125. But failure to hold this level would open up the possibility of more selling and a bigger pullback.

Is Solana Price Heading for $100?

The Solana price is facing significant downward pressure, trading at $118 after a 6% decline in the past 24 hours. The market recently broke below the key psychological support level of $120, raising concerns of extended selling pressure. 

The Relative Strength Index (RSI) is currently at 26, indicating that Solana has entered oversold territory. Historically, an RSI below 30 suggests that selling may be overextended, potentially leading to a short-term bounce. 

The Moving Average Convergence Divergence (MACD) indicator is showing bearish momentum. The MACD line is at -1.35, while the signal line is at -5.42, confirming a downward trend. Additionally, the histogram remains in negative territory, signaling that sellers remain in control. If no bullish reversal occurs, Solana may struggle to find strong buying interest in the short term.

Key price levels indicate that if Solana fails to reclaim $120, it may see increased selling pressure toward $100. A drop below this level could trigger a deeper decline toward $90, where stronger demand could emerge. 

Conversely, if buying interest strengthens and Solana manages to reclaim $120, the next resistance is located at $130. A further breakout above this level could open the path toward $150, which remains a crucial barrier for bullish momentum.