Saad Ullah
⬤ SOL Slides From $160 After Channel Rejection
Solana's having a rough week as the price keeps dropping after getting shut down at the top of its long-term trading channel. The rejection has basically set things up for a deeper fall, with the chart showing SOL drifting toward the channel's bottom support around $100. This pullback is hitting alongside a broader downturn that's been putting pressure on several big-name crypto assets lately.
⬤ Current Price Action Near $131 Shows Weakness
Right now, the chart shows SOL trading near $131 after taking a pretty sharp hit from the mid-$160 area, where it got rejected. The dotted projections on the chart map out some possible recovery attempts toward roughly $158, but none of them show any real staying power. Instead, each scenario basically shows lower highs and continued downward pressure. The repeated failures around the $150-$166 zone really highlight how SOL's getting capped by resistance, which keeps pushing the price down in that descending pattern.
The rejection has set the stage for a deeper move, with the chart showing the asset drifting toward the channel's lower support around 100 dollars.
⬤ Path to $100 Support Takes Shape
The technical setup also shows how the price has broken pretty decisively below some intermediate support zones, with the next big structural level sitting near $135. If the selling keeps up, SOL could speed up toward the $120-$115 range before testing that major support line at $100. This support level marks the bottom boundary of the channel and has been a critical demand zone before. The chart's dotted path really emphasizes the possibility of a gradual drop followed by some sideways action before hitting that lower band.
⬤ $100 Level Could Define Next Major Move
A move down to $100 would be a pretty big deal for the Solana market since it lines up with a long-term structural support level. Whether SOL holds that level might influence broader sentiment across high-risk crypto assets, especially those that usually follow risk-on flows. With the price sliding and resistance levels continuing to block any upside attempts, market attention is now shifting to how the asset behaves as it gets closer to this major technical area.
Saad Ullah
