Solana Price Drops Below $100 Support Amid Growing Bearish Pressure

Solana's price dropped below $100 support and fell to $98 before rebounding slightly. At the time of reporting, SOL traded around $99.90, marking a 1.8% daily decline.

The drop pushed SOL below its 9-day and 21-day Moving Averages, reflecting growing short-term bearish pressure. It also liquidated traders who had bet on continued upside, with over $10 million in Long Liquidations according to CoinGlass data.

Investors seem to have panicked and increased selling significantly as Solana declined, causing the Derivatives market to turn red. Derivatives volume dropped 8% to $7.1 billion while Open Interest fell 3%. Options volume and Options OI both declined 5% and 10%, respectively.