Solana Price Faces Heavy Sell Pressure as $1.36B Is Liquidated: $100 Incoming?

Solana price continues to face intense selling pressure as market conditions turn sharply negative. In the past 24 hours, Solana fell 2%, extending its weekly losses to nearly 10%. Over the past month, the token has plunged over 30%, reflecting broader market sell of. 

Solana Price Breaks Key Support, Triggers Panic Selling

A major technical failure occurred as the price of SOL fell to below $160 where it fell to a low of $145 and stabilized at around $157. The slump was a result of an unsuccessful bid to remain over $190, which led to a series of liquidations.

The long positions amounted to over 1.35 billion were lost in just one day. This was forced selling that contributed to the decline. As the overall crypto liquidations have broken 2 billion, there is now a spirit of fear among traders. The regulatory uncertainty brings about additional pressure to the already volatile market.

The Bitcoin price fell by 1.02% over the last 24 hours, furthering its loss of 8.6% over the week. Long-term investors have been selling approximately 400,000 of BTC since October valued at almost 45 billion putting downward pressure on the prices.

The outflows of ETF on November 4 were at $566 million, indicating less interest by the institutions. Etherium, too, dropped to below $3,500 and sell orders ensued, with the overall crypto market falling by 0.6%, pushing it weekly losses of 9%.

Will Solana Price Hold $160 Support Level?

Crypto analyst has indicated that Solana price has been making repeated attempts to maintain its important support level of $160. The scenario has raised controversy among traders on whether such level has the potential of determining the bottom of the cryptocurrency.

Analyst inidcated that Solana is trying to stabilize following a recent drop that dragged the prices to a critical support zone. The chart analysis provided shows that there are several rejections at this price and this may be a strong indication of defensive by the buyers.

Will SOL Price Break Below $100 Support Level?

The SOL price hovered at $161, marking a a strong decrease of 2% increase in the last 4-hour session.

If SOL manages to break above $160, the next target could align near $175–$180. The Solana long-term price outlook appears bullish as Fidelity amends its S-1 filing for a $SOL ETF, with a potential listing expected in just 20 days.  

Conversely, a drop below $150 may open the door toward the $135–$130 support zone. A deeper decline could expose $100 as the extended bearish target.

The Relative Strength Index (RSI) is about 35 and slowly made its way out of the oversold zone. This trend suggests the possibility of a temporary recovery in case of purchasing power.

In the meantime, the MACD indicator is also showing indicators of early bullish crossover, but the histogram is still slightly negative. Such an arrangement is an indication that there could be a change of momentum in case the purchasing volume increases in the coming sessions.