Solana (SOL) has slipped below the crucial $80 level, marking a 6% decline over the past 24 hours. The drop comes as the crypto market has entered into Extreme FEAR with Bitcoin (BTC) and Ethereum (ETH) seeing selling.
Meanwhile, the fall in Solana price has made traders cautious; now they are watching this key zone to see whether the price will recover or continue to fall.
This year, 2026, has been rough for Solana as it has dropped about 53%, falling from its yearly high of $148.21.
Eventually, today, Solana hit a low of $77 after failing to break above last week’s high of $91. This rejection pushed the price into strong selling pressure, especially after SOL dropped below the important $80 level.
Following the drop, Solana saw total liquidations of $21.31 million in the past 24 hours. Out of this, nearly $19.48 million came from long liquidations, showing that traders who expected the price to rise were forced to close their positions.
Adding to the selling pressure, blockchain tracking platform Lookonchain reported that a major Solana whale, identified as Whale31o3cj, sold 50,000 SOL worth around $3.91 million at $78.27.
Further, whale also exchanged 44,805 SOL worth $3.5 million for 676.27 XAUT, a gold-backed digital asset.
This large transaction indicates that whales are reducing their Solana holdings and shifting funds into safer assets.
Solana’s weekly chart shows a clear Elliott Wave pattern, and the price has now broken below the key Wave (5) support zone near $127. This breakdown confirms the end of the previous bullish cycle and signals a shift toward a bearish phase.
After losing this Key Wave (5), Solana dropped quickly toward the $80 zone, showing strong selling pressure.
Looking ahead, the next key support zone sits around the $70. Because this level previously acted as a strong demand zone.
On the flip side, any quick recovery above $80 would indicate strong buying and could invalidate the bearish pressure.
Solana dropped 6% today, slipping below $80 due to market-wide fear and $21 million in long liquidations, which forced traders to sell.
Analysts are watching the $70 zone closely. It is considered the next major support level because it previously acted as a strong demand area for buyers.
Solana saw total liquidations of $21.31 million in the past 24 hours, with the majority coming from long positions as traders were caught off guard by the drop.
A strong move back above $80 with buying volume could signal recovery, but sustained momentum is needed to confirm a reversal.
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