Emre Yumlu 
Solana has dropped below the psychologically important $100 level for the first time in nearly ten months, raising fresh concerns about whether buyers can defend the next key support zones. The move comes amid broader weakness across the crypto market, as risk appetite continues to fade.
At the time of writing, SOL is trading around $98-100, down 6.3% over the past 24 hours. The decline marks a clear shift in momentum, especially considering that Solana had only briefly dipped below $100 earlier this year before quickly recovering. This time, the sell-off appears more sustained.
Selling Pressure Accelerates
The recent price action has been sharp. Solana is down nearly 20% over the past week and approximately 25% over the last 30 days. Alongside the price decline, market activity has cooled. Daily trading volume has fallen 26% to $7.63 billion, suggesting that some of the intense weekend selling may be slowing rather than accelerating.
Derivatives data points in the same direction. Total derivatives volume has declined 21% to $19.26 billion, while open interest has dropped 5% to $6.15 billion. This pattern indicates that existing long positions are being closed, rather than aggressive new short positions entering the market.
Macro Headwinds Weigh on Sentiment
The weakness in Solana is not happening in isolation. The broader crypto market has been under pressure following a wave of liquidations driven by high leverage and thin liquidity. At the same time, expectations of tighter U.S. monetary policy have resurfaced after President Donald Trump nominated former Federal Reserve governor Kevin Warsh as the next Fed chair, a move widely interpreted as hawkish.
Geopolitical tensions, particularly rising concerns around U.S.–Iran relations, have further pushed investors toward safer assets, leaving crypto assets vulnerable in a risk-off environment.
Strong Network Activity Offers a Counterbalance
Despite the price decline, Solana’s underlying network metrics remain robust. In January, the network processed over 2.34 billion transactions, a 33% monthly increase, surpassing the combined activity of Ethereum, Base, and BNB Chain.
Institutional interest also shows resilience. While Bitcoin and Ethereum investment products recorded net outflows in January, U.S. spot Solana ETFs attracted $104 million in inflows, highlighting continued interest from traditional investors.
Key Price Levels to Watch
With $100 now broken, attention shifts to the $92–90 zone as the next area of potential support. Below that, $85 stands out as a previous consolidation area, while $80 represents a more significant long-term support level if selling pressure continues.
For momentum to improve, Solana would need to reclaim $100 and hold above it. Until that happens, any price rebounds are likely to be viewed as temporary recoveries within a broader downward trend.
This content is for informational purposes only and does not constitute investment advice.
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