Solana Price Tests Crucial Support Zone—A Breakdown Could Spark a 12% Slide; Can Bulls Hold the Line?

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Solana (SOL) price has slipped into a pivotal support range as the crypto market is down today, raising concerns of further downside if bulls fail to step in. The recent sell-off has put SOL in a make-or-break zone, where a rebound is critical to avoid another 12% dump. Weakening demand signals and cautious market sentiment are adding pressure, making the next price movement crucial. Whether Solana defends its support or extends its decline will shape its near-term trajectory in a volatile market.

Current Market Overview

The broader crypto market correction has weighed heavily on Solana, with SOL sliding to the $127 range, down nearly 8% this week. Over the last 24 hours alone, Solana traders faced more than $8.5 million in liquidations, the majority coming from long positions, which intensified selling pressure. Spot trading volume has dropped by nearly 18%, reflecting declining buyer activity, while derivatives open interest in SOL futures has slipped by around 6%, suggesting reduced confidence from leveraged traders.

Despite this weakness, Solana still holds a market capitalization above $57 billion, maintaining its spot among the top five digital assets. However, with the crypto market down today, the sell-off across majors like Bitcoin and Ethereum has amplified bearish momentum for SOL, leaving bulls with the urgent task of defending the $125 support level.

What’s Next for the Solana (SOL) Price Rally?

Solana price yet again displayed a fake breakout as it broke the falling wedge for the second consecutive time. Following the rejection, the SOL price enters the pivotal range between $178 and $182 which has been acting as a strong support and resistance. The price is currently hovering around $180 and a continued drop below the range may initiate panic-selling among the traders.

Solana’s chart is showing signs of an M-shaped double-top formation around $202–$210. While not fully confirmed yet, this setup often signals a potential bearish reversal. A rebound is still possible, but failure to hold support could validate the pattern.

SOL is currently hovering near the Ichimoku cloud ($175–$185 zone). This is a crucial area to watch—holding above may allow a recovery bounce, but a decisive breakdown would strengthen the bearish case.

Immediate support is at $180–$182. If this level breaks, the next major zones are $157 and $126, both of which previously acted as strong demand levels.

The MACD line has crossed below the signal line, hinting at building bearish pressure. Momentum currently favors sellers unless a sharp rebound shifts momentum back to the bulls.

On the upside, bulls must reclaim $202–$210 to negate the M-pattern risk. A breakout here could send SOL higher toward $244, while continued rejection reinforces the bearish outlook.