- Solana trades near $103.09 after a 3.58% daily decline, with sellers maintaining control below resistance.
- Maintaining the support zone of $101.40 to $102 is important, as buyers are trying to avoid further price declines.
- The 91–93 yellow zone remains a potential retracement target, while 83–86 offers deeper support.
The Solana price action continues to be bearish with sellers dominating the short-term scenario, with traders observing the nearby support and deeper retracement targets.
Solana Retracement Extends as Selling Pressure Builds
Solana (SOL) closed around $103.09 with a 3.58% drop in the last 24 hours. The new price movement indicates ongoing selling momentum after a prior rally to $107. Buyers have attempted several recoveries, but none has restored the previous upward momentum.
The chart directs attention toward lower support levels rather than assuming an immediate recovery.
SOL was initially trading at 106–107 but sellers caused a big downward trend. Price then dropped back to near $104, but bounced around without building a momentum. This was a sequence that resulted in lower highs and further weakened short-term structure.
The trading period turned choppy later when SOL’s price oscillated between $103.50 and $105. But another drop got the token close to $101.40 as the buyers started a mild rally. The rally lifted prices back into the $103 range but failed to establish a wider recovery.
Immediate Support Determines the Next Move
The 101.40–102 region represents the nearest support area identified by recent price action. Buyers previously entered around these levels, helping SOL recover from its intraday low. Maintaining this zone could provide an opportunity for another attempt toward nearby resistance.
However, a sustained break below $101.40 would weaken the immediate support structure. Such a move could expose SOL to additional selling as the market searches for lower demand. Price confirmation remains necessary before determining whether this scenario is developing.
On the upside, resistance begins around $104, followed by the stronger 104.50–105 region. SOL has struggled to maintain advances through these levels during recent trading sessions. Reclaiming this range would improve the immediate outlook, although further confirmation would remain necessary.
The trading volume grew by around 39.83% to $3.91 billion over the specified period. Activity is higher, suggesting increased market participation, but not directional conviction. This rise, when added to falling prices, should be monitored to see if sellers are holding onto their advantage.
Yellow Retracement Zone Defines the Broader Outlook
The yellow box around 91–93 remains the principal downside target in the retracement setup. It lies below immediate support and represents a possible destination if selling pressure continues. However, the available chart information does not establish that SOL must reach this region.
The possibility comes after SOL’s previous run from the lower-70s to the upper-120s. That advance pushed prices into the $90s and up to over $120 in September. The next down move plays that bulls are losing significant momentum from their recent run.
If SOL loses the yellow zone, the lower orange box around 83–86 becomes relevant. This area represents a deeper retracement scenario rather than the primary target currently under observation. A move toward it would indicate that selling pressure had extended beyond the nearer support levels.
Conversely, a sustained rebound from 91–93 could establish a potential recovery base. Buyers would still need to demonstrate follow-through and prevent another immediate decline. Without those conditions, a single bounce would not confirm that the correction had ended.
For now, the 101.40–102 support areas remain the immediate level to monitor. A recovery above $105 would put the situation in short term relief and a breakdown would cause the focus to shift to 91–93. Until price action sets up a stronger support level, the eventual bottom will be unknown.
