Solana News Today: Solana's "Amazon" Hype Fails to Stem Bearish Tide

Solana (SOL) has slipped below critical price levels, testing key support zones as bearish momentum intensifies across the cryptocurrency market. The token traded at $137.63 as of November 29, 2025, down 1.24% in the last 24 hours and 26.52% from its monthly high, with market analysts bracing for a potential breakdown below $125 according to recent analysis. The decline has reignited concerns about Solana's ability to stabilize amid broader crypto market weakness, with Bitcoin (BTC) and Ethereum (ETH) also under pressure.

The recent sell-off has been driven by a combination of technical exhaustion and waning investor confidence. Derivatives data highlights a 6.17% drop in open interest (OI) for Solana futures over the past 24 hours, signaling reduced capital exposure and a shift toward risk-off behavior. Short liquidations have outpaced longs, with bears paying a premium to hold positions. On the price chart, Solana has formed a bearish Marubozu pattern, a candlestick formation indicating strong selling pressure. If the price closes below $126, a key support level marked by the June 22 low, it could extend the decline toward $112 and potentially $95.

Technical indicators further underscore the bearish bias. The Relative Strength Index (RSI) for Solana has lingered below 50 on the daily chart, with the 7-day RSI at 33-a level historically associated with oversold conditions. However, a rebound from this zone has not yet materialized, suggesting prolonged selling pressure. The Moving Average Convergence Divergence (MACD) remains above its signal line but could cross below it to confirm renewed bearish momentum.

Meanwhile, the 100-hourly simple moving average has acted as a dynamic resistance, currently hovering near $130, which Solana has failed to reclaim.

The narrative around Solana has added complexity to its price action. Earlier in November, the Solana team sparked debate by labeling the blockchain the "Amazon of finance" in a social media post, drawing both praise and criticism from industry figures. While proponents argue Solana's focus on speed, low cost, and scalability mirrors Amazon's disruption of retail, skeptics question whether the comparison justifies its valuation. The post ignited a public exchange with Helius CEO Mert Mumtaz, who challenged the team's approach to marketing. Despite the buzz, Solana's price has struggled to break out of a descending parallel channel, with its 15% rebound from November 21 lows failing to retest the $140–$150 resistance zone.

Market participants are closely watching the $125 and $122 support levels, which could determine Solana's near-term trajectory. A break below $122 might trigger a test of the $120 zone, with further declines potentially targeting $112. On the other hand, a successful defense of $125 could spark a short-term recovery, with initial resistance at $128 and the broader $130–$136 range. Traders are also monitoring the 23.6% Fibonacci retracement level of Solana's recent decline, currently near $128, as a potential pivot point for a rebound.

The broader market environment remains a wildcard. With Bitcoin trading below $87,000 and over $600 million in crypto liquidations reported in the last 24 hours, risk appetite has deteriorated. Solana's derivatives market reflects this sentiment, with the OI-weighted funding rate turning negative to -0.0055%, indicating bears are dominating short-term positioning. If the broader market continues to weaken, Solana could face renewed selling pressure even if it stabilizes near key support levels.

Analysts caution that Solana's path to recovery hinges on reclaiming the $140–$150 psychological threshold with strong volume and momentum. Until then, the token remains vulnerable to further declines, with its 52-week low at $0.508 providing a stark long-term reference point. For investors, the coming weeks will test whether Solana's narrative-driven rally can translate into sustained bullish momentum or if the current bearish technical structure will dictate the next phase of its price journey.