Solana’s Fall: Will Bulls Rescue $100?

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Behold, the price of Solana, that once-mighty colossus, now plunged into the abyss of red ink on the fateful day of February 4th, as if the very cosmos conspired to mock its former glory. The sellers, those insatiable vultures, continued their grim feast, extending the downtrend with the fervor of a man condemned to eternal despair.

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Price remains well below the declining daily moving average, now near $121, and repeated attempts to reclaim it have failed, a cruel reminder that recent rebounds have been corrective rather than trend-changing, mere sighs of defiance against the inevitable.

Volatility has expanded to the downside, a storm of selling pressure evident as SOL is trading below the lower Bollinger Band. Though this often puts the market in short-term oversold territory, the absence of a significant reversal indicates that the downside momentum has not yet been completely exhausted, a state of despair that lingers, as if the market is trapped in a perpetual waltz of pessimism.

That view is echoed by momentum indicators. The relative strength index is deep in oversold territory, at 26-28, a number that suggests the market is teetering on the edge of a precipice. The likelihood of an instant reversal is low because there isn’t any obvious bullish divergence at this point. In strong downtrends, RSI can remain oversold for extended periods, a cruel joke played upon the hopeful.

The $100 level stands out as the most important near-term line, a bastion of hope for the bulls. A sustained close below it would likely expose the $95-$93 zone, followed by a broader support area near $85-$90 if selling intensifies, a descent into the depths that seems all but certain.

On the upside, any rebound is likely to face resistance near $120-$122, where the declining moving average and prior support converge, a meeting of forces that promises little but the continuation of the struggle.

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2026-02-04 10:09