Solana's 11% Downside Risk: Can It Hold Support at $98.79?

Solana (SOL) has been trading near $100 after giving up its support at $103. This price drop is part of a broader trend in the crypto market, with Bitcoin (BTC) falling by $1,849.51 to $77,092.32 and other major tokens also declining.

The 11% downside risk for Solana if it falls below $98.79 is significant, as this level represents a key support point. According to the source, 39 million SOL were accumulated near $103, making it the largest cost-basis cluster on the chart and the reason why it has functioned as support since the August breakout.

However, if Solana falls below $103, it could trigger a larger sell-off, with potential targets at $94.40, $89.26, and even $60.20, which is the 52-week low. On the other hand, reclaiming $103 would restore the accumulation structure and potentially lead to higher prices.