After massive crypto correction over the recent days, Solana continues to slide, now trading around $102 after a sharp 13.7% drop over the past 24 hours. The move takes SOL to its lowest level since early 2024, as it battles to hold the key psychological support at $100.
Volatility has surged, with daily volume jumping over 50% and the 14-day Average True Range (ATR) climbing to 7.0. On a weekly basis, Solana is down nearly 20%, and the one-year loss now exceeds 55% – a steep decline that reflects sustained bearish momentum.
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Momentum Deep in Oversold Territory
Technical indicators point to exhaustion. The 14-day Relative Strength Index (RSI) is at 27, while the shorter-term 7-day RSI sits at an even weaker 17. The Money Flow Index (MFI 14) also dropped to 23, reinforcing the view that sellers may be reaching a limit in the short term.
Solana has also broken through the lower Bollinger Band, which now sits at $108, highlighting how far current price has extended beyond recent volatility norms.
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Key Levels to Watch
On the downside, immediate support lies near $96, representing the 100% Fibonacci retracement level. A breakdown below that could open room for further losses.
If Solana finds support, the first key resistance sits at the 78.6% Fibonacci level around $120 – a price it would need to reclaim in order to signal even a short-term shift in structure. For now, SOL remains technically fragile, but with oversold momentum suggesting a possible bounce.
