Solana has dropped to its lowest level since early July, falling even below the brief spike low during the October 10 flash crash. The token is now trading near $152, after losing 8.8% over the past 24 hours and more than 21% this week. Over the past month, Solana has shed over 33% of its value, with high trading volume and surging volatility accompanying the move.
Bearish Momentum Meets Oversold Readings
Short-term momentum indicators show Solana in deeply oversold territory. The Relative Strength Index (RSI) is currently at 28 on the 14-period setting, and 16 on the faster RSI(7) – both well below the commonly used oversold threshold of 30.
Price has also dropped under the lower Bollinger Band (currently near $165), which indicates that the recent selling may have extended beyond what technical models consider normal volatility.
Despite these extreme readings, the price continues to trend lower, with no confirmed reversal. Momentum has shifted firmly bearish, and market structure remains under pressure. The next level in focus is the 100% Fibonacci retracement at $148.
If that area provides support, a short-term relief rally toward the 78.6% retracement at $171 could become a target. However, until price reclaims that level, the broader trend remains tilted downward.
Read also: Why Solana’s Speed Isn’t Enough to Dethrone Ethereum?
ETF Inflows, But No Price Support So Far
Even as price action weakens, institutional demand for Solana exposure remains high. Bitwise’s newly launched Solana staking ETF has attracted nearly $200 million in inflows during its debut week. On-chain data also shows renewed investor interest and adoption, according to Bitwise’s president. These flows have not yet translated into price support, as macroeconomic concerns and risk-off sentiment continue to weigh on the broader crypto market.
It’s also important to note that Solana is not alone in this drawdown. Bitcoin has fallen below $100,000 for the first time since June, and the total crypto market cap is down over 6.5% today. Analysts have attributed the selloff to continued pressure from hawkish signals by the U.S. Federal Reserve.
Read also: Can Ethereum Hold $3,000 After Sharp Breakdown?
Conclusion: Technical Pressure Remains
Technical indicators suggest that Solana is currently oversold on multiple timeframes, with price trading below volatility thresholds and momentum at some of the weakest levels in recent months. However, oversold conditions alone do not guarantee a rebound. Until Solana holds above $148 or begins recovering toward $171, bearish control remains intact.
