Solana's Price Drops 11% Amid Bearish Trend, $112 Support in Focus

Solana (SOL) is currently experiencing significant selling pressure, with its price declining by over 11% within a 24-hour period. This steep drop is indicative of a broader bearish trend that has taken hold of the market, pushing the cryptocurrency's price well below critical support levels. The focus has now shifted to the $112 mark, which is seen as a crucial support level amid the intensifying selling pressure.

The BBTrend indicator for Solana is deeply negative at -6, reinforcing the outlook for continued bearish momentum. This indicator has been in negative territory for over five consecutive days, with a recent peak of -12.72 just two days ago. The sustained negative reading suggests that selling pressures remain strong and that bullish momentum has yet to materialize. The BBTrend indicator assesses the trend’s strength and direction using Bollinger Bands, with positive values indicating bullish conditions and negative values suggesting a bearish trend. Values above 5 generally signal strong trends, and with Solana’s BBTrend below -5, it implies an elevated risk of further declines.

Solana’s Ichimoku Cloud chart is currently indicating strong bearish sentiment. Recent price movements have sharply breached both the Tenkan-sen (blue line) and Kijun-sen (red line), confirming a significant rejection of short-term support levels. These lines are both slanted downward, suggesting that bearish momentum is strengthening and the likelihood of recovery is diminishing. The distance between recent candles and the cloud further illustrates that any potential rebound is likely to meet serious resistance. The red cloud projected forward is thick and sloping downwards, indicating that bearish pressure is expected to persist for the foreseeable future. With the current price situated well below the cloud, this typically signifies a strong downtrend for the asset. For Solana to initiate a reversal, it would need to reclaim the Tenkan-sen and Kijun-sen and decisively break through the entire cloud structure—an outcome that appears unlikely in the near term given the prevailing momentum and cloud configurations.

Solana’s price has recently dipped below the crucial $115 level, with the next major support now near $112. A confirmed breach of this threshold could open the door for further downside, potentially pushing the price beneath $110—a level not seen since February 2024. The current bearish momentum and strong indicators suggest that sellers are firmly in control, raising the probability of testing these lower support levels imminently. Nonetheless, should Solana manage to stabilize and pivot its current trajectory, a rebound toward the $120 resistance could emerge. A break above this level would serve as an initial signal of recovery, and if bullish sentiment were to gain traction, SOL could target higher resistance levels at $131 and $136.

In conclusion, Solana’s current technical landscape reflects a pronounced bearish sentiment as pressing indicators suggest continued selling pressure. With the $112 support level in sight, market participants are advised to monitor these developments closely, as the near-term outlook appears challenging, yet potential rebound opportunities could arise if key resistance levels are overcome.