Solana Slides Below $100 as Long-Position Liquidations Mount

Solana's price has fallen below $100, triggering long-position liquidations and shifting the short-term technical outlook in favor of sellers. The token dropped to $98 before rebounding to trade near $99.90, resulting in a 1.8% decline over the past 24 hours.

More than $10 million in leveraged long positions were wiped out during the decline, according to data from CoinGlass. This amplifies the downward pressure as traders who bet on continued upside were forced to exit.

The retreat from a recent high near $110 has left Solana testing the lower end of its trading range. Technical analysts point to two critical levels that could determine the next directional move: $93 and $102.