Solana Price Plunges Below $100, Bears Take Control

Solana's price dropped below $100, marking a significant decline in the cryptocurrency market. The asset fell to a low of $98 before rebounding slightly, trading around $99.90 with a 1.8% daily loss. This drop triggered over $10 million in long liquidations, indicating panic selling and reduced participation in Solana's derivatives market.

The decline was driven by bearish pressure, with futures outflows exceeding inflows. Momentum indicators also suggest a bearish trend, potentially leading to further declines towards $93 or even below $90 if the pressure continues. To reverse this outlook, Solana must close above $102 daily.