Solana Price Drops Below $100 Support, Traders on High Alert

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

The drop pushed Solana below both its 9-day and 21-day Moving Averages, indicating growing short-term bearish pressure. This move also liquidated traders who had bet on continued upside, with over $10 million in Long Liquidations reported by CoinGlass.

Investors seem to have panicked and increased selling significantly as Solana's Derivatives market turned red. Derivatives volume dropped 8% to $7.1 billion, while Open Interest fell 3%. Options volume and Options OI also declined 5% and 10%, respectively, according to CoinGlass.

Futures Outflows reached $1.78 billion, exceeding $1.69 billion in Futures Inflows, with a Futures Netflow of -$86 million showing sell-side flows exceeded buy-side flows. This decline in Derivatives activity often signals uncertainty as traders reduce exposure or wait on the sidelines.