Solana Enters Correction Mode as Price Drops Below Key Support Zone

Solana's price is in correction mode after its dramatic August breakout. The asset peaked above $110 but has since dropped to around $97, which is still above major moving averages that supported the broader reversal.

The current issue with Solana is weakening short-term momentum. SOL failed to break above $102-$104 and subsequent rallies resulted in ever-weaker attempts to move back toward $106-$110.

If there's a persistent break below $96, the correction may continue toward $92-$93, where long-term and rising medium-term moving averages are converging.