Solana [SOL] is under intense market pressure again, as its price hovers dangerously close to the $100-mark—well below the crucial $120-support that has historically defined its trend reversals. At the time of writing, SOL was trading around $102, signaling the potential for further downside.
Over the past few months, the $120-level has acted as a pivotal price floor. Each time SOL breached this level, swift sell-offs followed—and this time seems no different. According to crypto analyst Joao Wedson, Solana is flashing multiple bearish indicators, raising alarms for traders and long-term holders alike.
Solana liquidated most of the bulls🐂
— Joao Wedson (@joao_wedson) April 5, 2025
But the latest Alpha signals are still short, so I wouldn’t be surprised to see SOL below $100.
The market is tough for all the altcoins that pumped hard in 2024, but it's looking good for the ones that haven’t pumped yet!
Charts:… https://t.co/9yvhdpPfNu pic.twitter.com/cC91gu2wZ6
Wedson points out that SOL has been trading beneath major resistance levels, notably at $155 and $160, with both the Super VWMA and SuperTrend indicators reflecting sustained downtrends. Furthermore, Alpha Quant Signal data reveals a string of short signals below $155, supported by a bearish RSI reading under 50—classic signals of declining momentum.
The liquidation landscape offers more cause for concern. The 3-day Liquidation Heatmap shows persistent selling pressure from the $210-zone, while demand remains weak below $190. One-month data highlights long-side liquidations exceeding $6 billion, suggesting that bullish positions are being wiped out faster than shorts—yet another bearish cue.
From a macro perspective, SOL’s price appears to be decoupling from the broader M2 Global Money Supply—a trend mirrored across several major cryptocurrencies. Despite growing liquidity, institutional sentiment remains sharply defensive, with a -5.00 smart money reading signaling cautious repositioning.
Retail investors aren’t exactly bullish either. A crowd sentiment score of -1.15 points to broad skepticism, though there’s hesitation to fully abandon the asset—suggesting many still hope for a turnaround.
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As Solana teeters on the psychological $100-level, the absence of a strong support base could open the door to further declines. Unless broader market sentiment shifts or macroeconomic signals improve, SOL may struggle to find its footing.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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