Solana drops below $100, hitting a 10-month low. Where is the next key support level for SOL?

February 2 News, as the selling pressure in the cryptocurrency market continues to accumulate, Solana’s price for the first time in ten months fell below the $100 mark, and market attention quickly shifted to the next support level. At press time, SOL is at $98.03, down 6.3% in 24 hours, nearly a 20% decline over the past 7 days, and close to a 25% drop over 30 days.

This is the first time since April 2025, when SOL briefly dipped below $100 and rebounded, that it has sustained below this level, with a deeper decline. Trading activity has also cooled down, with 24-hour trading volume falling to approximately $7.6 billion, indicating that selling momentum has slowed after the initial surge. On the derivatives side, total trading volume and open interest have both declined, with clear signs of long positions being closed.

The macro environment is also exerting pressure. Expectations for US monetary policy tightening have increased again, coupled with escalating tensions in the Middle East, leading to a continued decline in risk appetite. Crypto assets are once again becoming a safe haven for capital fleeing risk. However, on-chain fundamentals remain resilient. Data shows that Solana network transaction volume in January increased by 33% year-over-year, maintaining a leading position among multiple public chains. Meanwhile, US spot Solana ETFs still recorded net capital inflows this month, indicating that some institutions have not completely exited.

From a technical perspective, SOL’s daily chart maintains a downward structure, with the price well below short-term moving averages. The Bollinger Bands are widening and close to the lower band, with bearish momentum still dominant. The RSI has fallen to around 25, entering an oversold zone, which may bring a short-term rebound but is not enough to reverse the trend.

Key support areas are located between $92 and $90, followed by around $85; if sentiment continues to worsen, $80 could become a medium-term defensive line. Bulls need to quickly recover above $100 and break above the short-term moving averages to create room for a structural correction. Until then, any rebound in SOL’s price is more likely to be a technical correction within the downtrend channel.