Solana has dropped below the $100 mark, with SOL trading at $98.03 at press time, its lowest level in about 10 months. The token was down 6.3% over the past 24 hours, nearly 20% over the last week, and about 25% over the past 30 days. This is the first sustained move below $100 since a brief dip under that level in early April 2025, putting attention on the next support area.
Volume and derivatives activity both moved lower
The sell-off has been accompanied by weaker market activity. Solana’s 24-hour trading volume fell 26% to $7.63 billion. CoinGlass data shows total derivatives volume down 21% to $19.26 billion, while open interest slipped 5% to $6.15 billion. That combination points more to long positions being unwound than to an aggressive wave of fresh short selling. The pressure remains, but the setup looks closer to deleveraging than a new short build.
Macro pressure hit sentiment even as network metrics stayed firm
The broader crypto market also came under strain over the weekend as leveraged positions were liquidated in thin liquidity conditions. At the same time, expectations for tighter U.S. monetary policy returned after President Trump nominated former Federal Reserve governor Kevin Warsh as the next Fed chair, a choice widely viewed as hawkish. Reports of rising U.S.-Iran tensions added to the risk-off mood and pushed investors toward safer assets.
Even so, Solana’s network data has remained strong. crypto.news reported on Feb. 1 that Solana processed more than 2.34 billion transactions in January, up 33%, exceeding the combined total of Ethereum, Base, and BNB Chain. Capital flows also offered a positive data point: while Bitcoin and Ethereum products recorded net outflows in January, U.S. spot Solana exchange-traded funds saw $104 million in inflows.
Technical structure stays bearish below key levels
On the daily chart, SOL still shows a bearish structure. The break below $100 removes a major psychological and technical level. Price continues to print lower highs and lower lows and remains well below its declining 20-day and 50-day moving averages. Recent rebound attempts stalled near the middle Bollinger Band, a sign that sellers are still in control during smaller recoveries. The Bollinger Bands are widening, and price is tracking near the lower band rather than stabilizing.
Momentum readings are stretched. The daily RSI has fallen to around 25, placing SOL deep in oversold territory. That can increase the odds of a short-term bounce, but it does not by itself confirm a trend reversal. On the downside, the next area to watch is $92 to $90, followed by $85, which previously served as a consolidation zone. If selling continues, $80 stands out as a broader support level. For bulls, reclaiming $100 and moving back above short-term averages remains the basic requirement to shift the current structure.