Solana (SOL) has breached the $100 psychological level as support after consolidating around the $100-$105 area over the past two weeks. According to latest data from AMBCrypto, the token has fallen to $98 before rebounding slightly to $99.90, marking a 1.8% daily decline. The drop has pushed SOL below its 9-day and 21-day Moving Averages, reflecting growing short-term bearish pressure and liquidating traders who had bet on continued upside. The month of August saw a green close after ten months of bearishness, marking a significant technical shift for the cryptocurrency.
Solana's technical structure has shifted bearishly on both daily and 4-hour timeframes, with the $98.41 high breached during the August rally marking the latest lower high of the previous downtrend. The Fibonacci retracement levels show a deep retracement to the $79.14-$85.87 golden pocket as possible downside targets. The 4-hour structure remains bearish, with the H4 trend having seen a deep retracement to the 78.6% level at $98.3. The daily RSI stands at 54.34, showing that bullish momentum has weakened without reaching oversold conditions, while the 20-period simple moving average stands at $103.93 and the 50-period average sits at $102.98. The Bulls V Bears indicator has held negative for two consecutive days, suggesting that active traders are mostly sellers and historically preceding short-term price drops.
Chaikin Money Flow has dropped to -0.15, indicating that selling pressure has exceeded buying pressure over the indicator's measurement period. The divergence between price and capital flows indicates that buyers may struggle to absorb sell orders, potentially producing sharper moves around leveraged positions. The daily candle opened at $98.67, reached $100.29, and fell as low as $98.60 before trading near $99.90. A move below 50 on the RSI would strengthen the bearish case, while an RSI rebound accompanied by a daily close above $100 could indicate that buyers are regaining control. The Spot Netflow turned positive after remaining negative for five consecutive days, rising to $2.8 million at press time, confirming continued selling pressure.
CoinGlass' 24-hour liquidation heatmap shows the strongest nearby liquidity below the market around $98.20–$98.50, with additional downside liquidity appearing near $97.70–$98 and around $96. The heatmap also shows a large liquidation band above the price around $100.70–$100.90, creating targets on both sides of the price. The CoinGlass data showed over $10 million in Long Liquidations, triggering a wave of panic exits as bulls were forced out of positions. A recovery through $100 could trigger short liquidations and help SOL move toward the next liquidity pockets around $101.80–$102 and $103–$104. The closer downside cluster gives sellers a near-term advantage, though a rapid return above $100.80 could shift immediate pressure toward short positions.
The next Solana price target is $120, which represents a former support level now acting as resistance that SOL last traded at in January and also serves as the 23.6% extension level. A breakout above $107 local resistance would be required to maintain the uptrend, with subsequent targets at $110.6, $114.29, and $120. In case of such a breakout, the next price targets would be $110.6, $114.29, and $120. A breakdown below $94.95 would shift the H4 Solana price structure bearishly and serve as the first warning of a retracement toward $79-$85. The resolute defense of the $100 support zone means a move toward $120 is possible, but the $107 local resistance must be beaten first. To invalidate the current bearish outlook, SOL needs a daily close above $102, with a drop toward $93 revealing whether this decline reflects caution or a deeper market exit.
