Solana Drops 60% From High, Hovers At $120 Support

Solana is currently facing significant selling pressure, with its price struggling to reclaim the $150 level. The broader market uncertainty has heavily influenced its price action, leading to a nearly 60% decline from its all-time high. This weakness is reflective of the overall crypto sector, where fear and volatility have returned to dominate investor sentiment. The persistent macroeconomic instability and risk-off behavior have prevented bulls from regaining control, leaving confidence shaky.

Top crypto analyst Ali Martinez recently identified $120 as a critical make-or-break zone for Solana. According to Martinez, this level has historically marked major shifts in SOL’s price trajectory, often acting as the tipping point between recovery and further decline. With Solana now hovering dangerously close to this threshold, traders are closely monitoring its behavior to determine whether it can hold or break.

If $120 fails to act as support, it could trigger a deeper correction. Conversely, holding this level could offer bulls a base to mount a potential comeback, especially if market conditions stabilize. For now, Solana remains in a vulnerable position, and its behavior around this key level may define its direction in the weeks ahead.

Solana is trading at a critical demand zone as selling pressure intensifies across the crypto market, driven by escalating global tensions and trade war fears. The fallout from recent geopolitical developments has shaken investor confidence across all markets, including crypto, where risk assets are feeling the weight of heightened uncertainty and reduced appetite.

Solana has been particularly vulnerable, with its price action slipping toward key support levels. Analysts warn that if current demand fails to hold, the downtrend could accelerate. The next few days will be crucial, as continued weakness into next week could confirm a bearish breakdown. Many traders are already preparing for more downside if the market doesn’t stabilize soon.

Martinez recently highlighted the importance of the current support zone. According to his analysis, the $120 level is a decisive make-or-break point for Solana. This zone has historically marked major trend reversals and shifts in momentum. A failure to hold above it could lead to a deeper correction, while a bounce from this level could spark a recovery.

With SOL already 60% down from its all-time highs, bulls are on the defensive. If they can defend $120, there’s still hope for a reversal — but losing it may signal that the broader bearish trend remains intact. In the days ahead, all eyes will be on Solana’s ability to hold the line as macro pressure continues to shape the crypto market’s direction.

Solana is currently trading at $120, on track to record its lowest weekly close since February 2024. After weeks of selling pressure and repeated rejections below the $150 level, bulls are running out of time to defend key support. The inability to reclaim $150 — a major resistance zone — has kept SOL trapped in a bearish structure, with momentum firmly in favor of the bears.

For any hopes of a recovery rally to take shape, Solana must reclaim $150 in the coming days. That level remains the gateway to higher demand zones and a shift in short-term trend. However, if price action continues to weaken and $120 fails to hold, the next logical target is much lower — around the weekly 200-day MA and EMA, both converging near $95.

This would represent a critical breakdown and likely trigger additional downside pressure, particularly if broader market conditions remain fragile. With macroeconomic uncertainty and trade war tensions weighing heavily on sentiment, Solana’s position looks increasingly vulnerable. Unless bulls step in soon, SOL could be facing a deeper retracement as it tests long-term support zones not seen since late 2023.