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Following
SOL Solana price breaks below key $100 support level, bear pressure builds
As selling pressure on Solana (SOL) intensifies, its key $100 support level has been breached downwards. SOL has seen a limited rebound after falling to $98 and is currently trading around $99.90, down 1.8% during the day. A price break below the short-term moving average weakened the technical trend, while the liquidation of long positions above $100 million further increased the selling pressure on the market. The analysis pointed out that investors need to pay close attention to the support level of $93 and the resistance level of $102 in the following process.
SOL lost the psychological threshold of US$100, and the market structure changed.
SOL prices fell back below US$100, marking a significant change in the short-term market structure. Prices fell below the 9th and 21st moving averages, indicating sellers dominate the market. According to CoinGlass data, more than $100 million of long positions were liquidated during the decline. This forced investors who traded leveraged based on rising expectations to close their positions, further exacerbating selling pressure.
As Solana prices corrected, activity in the derivatives market also declined. Derivatives trading volume fell 8% to $7.1 billion, and the number of open contracts fell by about 3%. Options trading volume fell 5%, and options open interest fell 10%. It is worth noting that the outflow from the futures market was US$1.78 billion, exceeding the inflow of US$1.69 billion, causing the net flow from the futures market to drop to approximately-86 million US dollars. In contrast, net flow in the spot market turned positive after being negative for five consecutive days, rising to about $2.8 million.
The increase in exchange SOL balances suggests that investors may be moving tokens in preparation for sale, and data from both spot and derivatives support the market's cautious view.
US$93 becomes the key support, determining the direction of subsequent trends.
Technical indicators show that the short-term downward pressure on SOL continues. Prices are below the 9th and 21st moving averages, strengthening the bearish outlook; the "long and short" indicator has been in negative territory for two consecutive days, highlighting the power of sellers. If selling pressure continues, US$93 will become the first key support level. A retest of this level will reveal whether the current market is limited to limited adjustments or the beginning of a deeper correction. If the US$93 support fails, the risk of SOL falling below US$90 will increase significantly.
Although prices returning above $100 will help ease bearish trends, from a technical analysis perspective,$102 is the more critical resistance level. If SOL can achieve a daily close above $102, it may be an important signal to overturn the current bearish scenario. Such a trend would signal buyers regain momentum and increase the likelihood that Solana will recover lost ground. In the short term, investors should focus on the $93 support level and the $102 resistance area.
Comprehensive Assessment
Solana's loss of US$100 support gave sellers an advantage in the short-term technical landscape. Reduced activity in the derivatives and options markets suggests investors are reducing risk exposure, while inflows in the spot market and net outflows in the futures market suggest selling pressures have not completely ended. Whether we can hold US$93 for some time to come will be crucial to SOL; if this position is lost, it may trigger a deep correction below US$90. Conversely, a daily close above $102 may indicate that short-term market sentiment is starting to turn in favor of buyers.
