The crypto market has been under heavy selling pressure over the past few days, with Bitcoin sliding toward the $75,000 level. Market sentiment has worsened sharply, as the Crypto Fear & Greed Index fell deeper into “extreme fear,” dropping to 14. At the same time, the total crypto market capitalization has plunged to $2.54 trillion, with over $500 billion erased in just a few days. As a result, altcoins are taking a hard hit, and Solana is now testing the key psychological support level around $100. Traders are closely watching to see whether SOL could break below this level next.
Solana Forms Bearish Pattern Amid Negative Metrics
The crypto market crash has sent Solana price toward the $100 mark as long-liquidation surged. Data from Coinglass shows that Solana faced a total liquidation of nearly $35.3 million over the last 24 hours. Of this, buyers liquidated around $24.7 million.
This rising liquidation suggests that sellers are increasingly gaining control, sending the SOL price toward $100 for a retest. However, this bearish drop might further extend due to several negative on-chain metrics.
Data from CoinGlass shows that Solana’s OI-weighted funding rate has turned negative, signaling that more traders are betting on further downside rather than a price rebound. The metric shifted into negative territory last week and currently sits at -0.0057%, meaning short sellers are paying long traders, a signal of rising bearish threat around SOL.
Also read: Analyst Reveals What’s Next For Bitcoin, Gold and Silver
This bearish outlook is strengthened by Solana’s long-to-short ratio, which now stands at 0.94. A ratio below 1 suggests that more traders are positioned for a price decline than a rise.
Beyond derivatives data, institutional interest in Solana has also weakened in recent weeks. According to SoSoValue, Solana spot ETFs saw net outflows of $2.45 million last week, marking the first weekly withdrawals since their launch. If these outflows continue or accelerate, SOL could face additional downside pressure in the near term.
What’s Next for SOL Price?
Solana’s price moved within a range between $117 and $147 for some time, but that pattern broke to the downside, suggesting sellers are starting to take control. As a result, the price fell to around $95. As of writing, SOL price trades at $105, recovering nearly 3% in the last 24 hours.
If SOL closes below $100, the SOL/USDT pair could slide toward the $95 support level. Buyers are likely to defend this zone aggressively, as a break below $95 could open the door for a deeper drop toward $80.
For bulls to regain control, the price would need to climb back above the moving averages. That would indicate the dip below $117 may have been a false breakdown, potentially setting the stage for a move back toward the $150 resistance.