Solana Price Plunges Below $100 Amid Broader Market Selling Pressure
Solana's price has dropped below $100 due to broad market selling pressure and a bearish signal from its Supertrend indicator. According to crypto.news, Solana (SOL) traded near $99.30 after failing to hold the support level of $100. This decline comes as investors reassess their portfolios following the Federal Reserve's interest-rate decision.
The 4-hour chart shows a bearish Supertrend reading, with the indicator at $103.91. The Average Directional Index (ADX) has risen to 25.70, indicating strengthening short-term selling pressure. A move below $100 could trigger further liquidations and push SOL towards its next major support level at $93.75.
Liquidity clusters are concentrated near $98.20, $98.50 on the downside and above the price around $100.70, $100.90 on the upside. A recovery through $100 could trigger short liquidations, while a break below $100 would keep $98.20 and $93.75 in view.
The technical outlook depends on whether buyers can reclaim $100 and clear the liquidation cluster near $100.80. If SOL fails to do so, it may expose its next major support level at $93.75.