Solana (SOL) is currently one of the poorest performers among the top ten 
largest cryptocurrencies in the market, experiencing a sharp 13% decline over 
the past week. Bearish Patterns Emerge For Solana This downturn comes as the 
cryptocurrency has broken below the critical support level of $120, which had 
acted as a pivotal floor since the start of the month and previously prevented 
further drops. The situation appears even more dire for investors with bullish 
sentiments, as recent data from CoinGecko indicates that Solana has retraced 
nearly 60% from its all-time high of $293, reached back in January of this 
year. Year-to-date, the token has experienced a significant loss of 40%, which 
raises additional concerns among top analysts about its near-term stability. 
Related Reading: Optimism Grows In Crypto Market Structure Bill After 
Wednesday’s Senate Banking Meeting Experts are cautioning that unless 
conditions change, the Solana price may soon retest the $100 mark—an area not 
seen since April. Should this scenario materialize, it would imply an 
additional drop of approximately 15.9%. Some analysts, like market commentator 
EddieTradezz, have pointed to a bearish &#8220;head and shoulders&#8221; pattern formed in 
SOL’s daily chart, suggesting that Solana is on the brink of a substantial 
decline. He notes that it is now breaking through strong long-term resistance, 
with April&#8217;s lows around $95 potentially being a more realistic target than 
$100. Adding to the bearish sentiment, fellow expert ColdBloodShill has 
indicated that Solana may be heading toward a price point of $80, which would 
result in a drastic additional drop of 32%. However, as EddieTradezz 
mentioned, the possibility for recovery would largely depend on market-wide 
conditions and investor sentiment. Institutional Interest Grows As SOL ETFs 
See Major Inflows Despite the prevailing bearish indicators, there has been a 
noteworthy development on the institutional front. Recently approved Solana 
exchange-traded funds (ETFs) in the US have seen impressive uptake, amassing 
$63.9 million in net inflows over the past week. This suggests that 
institutions are beginning to accumulate Solana, potentially viewing it as a 
long-term investment opportunity. However, this positive news has been 
overshadowed by heavy selling pressure in spot markets. Related Reading: 
Bitwise’s 2026 Crypto Forecast: Bitcoin, Ethereum, And Solana Poised For New 
Record Highs Increased volatility has led to a rise in liquidations for 
leveraged positions, dampening Solana&#8217;s price reaction to the overall positive 
developments in institutional interest. Ultimately, Solana&#8217;s future remains 
uncertain. While institutional interest may offer some hope, the immediate 
outlook is clouded by increased selling pressure and the inability to regain 
capital in the broader market, which has recently dropped below the $2.90 
trillion mark in total market capitalization. Featured image from DALL-E, 
chart from TradingView.com

Solana (SOL) Support Shattered, Potential $100 Test Looms, Says Analyst

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