Solana (SOL) price has slipped into a pivotal support range as the crypto market is down today, raising concerns of further downside if bulls fail to step in. The recent sell-off has put SOL in a make-or-break zone, where a rebound is critical to avoid another 12% dump. Weakening demand signals and cautious market sentiment are adding pressure, making the next price movement crucial. Whether Solana defends its support or extends its decline will shape its near-term trajectory in a volatile market.
The broader crypto market correction has weighed heavily on Solana, with SOL sliding to the $127 range, down nearly 8% this week. Over the last 24 hours alone, Solana traders faced more than $8.5 million in liquidations, the majority coming from long positions, which intensified selling pressure. Spot trading volume has dropped by nearly 18%, reflecting declining buyer activity, while derivatives open interest in SOL futures has slipped by around 6%, suggesting reduced confidence from leveraged traders.
Despite this weakness, Solana still holds a market capitalization above $57 billion, maintaining its spot among the top five digital assets. However, with the crypto market down today, the sell-off across majors like Bitcoin and Ethereum has amplified bearish momentum for SOL, leaving bulls with the urgent task of defending the $125 support level.
Solana price yet again displayed a fake breakout as it broke the falling wedge for the second consecutive time. Following the rejection, the SOL price enters the pivotal range between $178 and $182 which has been acting as a strong support and resistance. The price is currently hovering around $180 and a continued drop below the range may initiate panic-selling among the traders.
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