Solana fell below $100, key support levels were tested again, and the $120 target was in jeopardy

Solana (SOL) is trading close to $99.87, down 3.8% in the past 24 hours, putting the token in a key technology area where market participants are weighing its next step. During the most recent trading session, Solana's price fluctuated between $98.44 and $103.50, and the network's market value hovered around $58.43 billion.

Key areas: US$100 -103 support is attracting much attention

From a technical perspective, Solana is facing a decisive battle around the US$100 - 103 range. The token briefly broke through this critical level, but quickly fell back, indicating that buyers have not yet confirmed the breakthrough as solid support.

Cryptocurrency analyst Ella pointed out that after SOL opened at $103.03, rose to $104.36, and then fell to $98.30, the $100 -103 range was the core "recovery area." If the daily closing price is above this region, it may weaken the recent decline and strengthen the short-term trend structure.

Keeping the price above $103 may clear the way for a rise to $105 and eventually $110. However, if Solana fails to hold on to $100, downward pressure may increase, exposing support between $95 and $97 and prompting further price consolidation near the breakout zone.

If the daily close is confirmed to be in the US$100 -103 region, it will revitalize bullish sentiment and may indicate that Solana is regaining momentum after its recent decline.

Weekly decline wedge and recovery prospects

Solana's weekly chart shows a wide declining wedge pattern since the 2025 high. The coin price has gradually narrowed between declining support and resistance lines, with recent gains pushing SOL upward in the region.

Analyst CryptoJack believes that this wedge may be the basis for long-term reversal. When prices approach the upper trend line, a downward wedge usually attracts bullish attention, but a decisive breakthrough is needed for confirmation.

Currently, the wedge-shaped upper orbit zone lies between $100 and $110, making this range critical. If SOL can achieve a clean breakthrough, attention may first turn to $120 and may expand further to the $140 -150 target area. Instead, support below is around $60 -70, highlighting the structural risks that remain if recent gains are not sustained.

Break through 2026 consolidation range

Solana recently broke through a consolidation range of more than a month, and the token traded between the bottom of $60 -65 and the resistance of $95 -100 for most of 2026. Analyst Mayne pointed out that after breaking through that range, Solana is currently retesting previous resistance levels as a potential new support level.

If the US$95 -100 range can be used as a new support foundation, the technical outlook will remain optimistic and may drive a rebound to US$120. Otherwise, if it falls back below the region, SOL may return to consolidation and hinder the upward momentum.

With Solana now retesting the top of its previous range, the market's focus has been on whether buyers can turn resistance into support before expanding further.

Governance and supply-side changes

On the supply side, the Solana community approved a proposal to double the network's inflation rate to 30% to accelerate the reduction of new SOL issuance. The final vote reached the 66.67% threshold required for approval. The move is expected to reduce the creation of new tokens by approximately 18.9 million SOL over six years, worth approximately US$1.47 billion at current valuations.

Although this policy shift does not guarantee short-term price increases, it changes Solana's long-term supply dynamics. If increased network usage is combined with reduced token issuance, this may be particularly important in future bullish cycles. For now, this development provides a more constructive background for the prospects of technical recovery-provided that SOL remains above $100.

Broader momentum, market structure and Web3 transformation

Solana's momentum remains positive, thanks to strong gains from summer lows towards the current $100 area. There may be some consolidation in the area as buyers and sellers compete for control. A daily close above $103 will be the first signal for buyers to strengthen their position, while further gains will point to $105,$110 and possibly even $120, especially if multiple technical signals are consistent.

The broader market context is also evolving, and traditional asset transactions are rapidly integrating blockchain-based solutions. A parallel trend is emerging in capital markets as technical structures such as declining wedges and key resistance levels attract attention. Wall Street is increasingly embracing Web3, with more investors using the platform to hold tokenized shares of major U.S. companies, gold and silver directly in their crypto wallets. This approach is eliminating the need for traditional brokers by tokenizing real-world assets and optimizing transactions in real time to get the best market prices.

As Solana's technology form and supply-reduction prospects intersect with a larger shift in the way investors access global assets, confirmation of the $100 -103 region has become the focus of the market. The next daily and weekly closing prices are likely to determine whether SOL resumes its upward trajectory or falls back into consolidation.