The price of Solana (SOL) has dropped below the psychological level of $100, trading around $99.30, amid a general decline in the cryptocurrency market and the emergence of bearish signals. Over the past 24 hours, SOL has fallen approximately 1.5% after sellers failed to maintain it at the $104–$105 level. The daily chart shows that the token's price previously rose from $75 to a peak of $110 at the end of August but failed to sustain that increase and began forming lower highs around the $107 and $105 levels. The current situation leaves the price under pressure as SOL has moved below the Murray Math resistance line at $100.
On the 4-hour chart, Solana is showing a bearish Supertrend signal set at $103.91, and to weaken the current sell signal for SOL, it needs to recover above this level. The Average Directional Index (ADX) has reached 25.70, indicating a strengthening of the current market movement, although it does not indicate the direction of the trend. The chart also shows an intermediate Supertrend level at $100.71, making recovery above $100 critically important for bulls. The current Relative Strength Index (RSI) stands at 54.34, which is below its moving average, indicating a weakening bullish momentum but still above the neutral mark of 50.
According to CoinGlass data, strong liquidity is concentrated just below the market price in the range of $98.20–$98.50. If SOL continues to decline, this could lead to forced liquidations of long positions in this area. An additional liquidity level is observed around $97.70–$98, making $98 a critical level to watch as sellers maintain control below $100. At the same time, a surge above $100 could trigger the liquidation of short positions and help SOL return to the next liquidity levels in the ranges of $101.80–$102 and $103–$104. The current market atmosphere is also created under conditions of uncertainty due to Bitcoin's drop below $77,000 and subdued demand for speculative assets, which may exert additional pressure on Solana in the short term.