Solana Price May Test $97 Floor Before Targeting $107

Solana (SOL) is currently coiled at $101.50 after a 3.24% drop, with momentum dead flat and aggressive sellers swamping buyers.

This has led to a situation where SOL's price may test the $97-$99 demand zone before attempting to reach its target of $107.

The market context suggests that Solana is amplifying the uncertainty in the crypto space, with Bitcoin correlation running hot and any softness in BTC sentiment dragging SOL disproportionately.

Regulatory issues continue to loom over the market, but there's currently no near-term catalyst for a move up. The derivatives market is pricing in downside volatility while institutional positioning remains constructive on a longer horizon.